After a long and drawn out saga, the Reds have finally given the Blancos a 'Real' deadline...

After a frustrating summer with various key players being touted for a move away from Liverpool, the club has decided to put an end to the misery one way or another, handing Real Madrid a 48-hour deadline to complete the signing of Xabi Alonso.

Having secured their tertiary target Alvaro Arbeloa for €4 million, The Times claims that Los Blancos will now up their initial bid of €27m to anywhere between €33m and €37m to wrap up the deal that will see the Spaniard move back to his homeland.

Although the president of the second coming of the Galacticos has stated that the Premier League heavyweights are demanding too much for the Basque, the newspaper claims that he firmly believes that the acquisition of the pass-master is the key to a shopping spree that appears to be closing in on the €250m mark.

The 27-year-old midfielder’s silence so far has been taken as an inclination that he wants a move away from Merseyside, as the prospect of playing another season under manager Rafael Benitez – with whom he reportedly shares a frosty relationship – does not look promising.

Should Alonso walk through the exit doors, Benitez is expected to spend the transfer fee on either Roma midfielder Alberto Aquilani or Valencia star David Silva. Wigan Athletic's Lee Cattermole and Hull City's Michael Turner have also been linked to Anfield recently.