Tottenham Hotspur have a real dilemma on their hands, with reports out of Spain claiming Real Madrid are about to slap a wild €100 million offer on the table for Cristian Romero. Sounds dramatic, but let’s not get swept up just yet.

Real Madrid is having a rough time. They’re chasing Barcelona by a single point in LaLiga, and just got hammered 4-2 away to Jose Mourinho’s Benfica—enough to knock them out of the Champions League’s top eight and dump them into the play-offs. That stings. Combine that with letting in 12 goals in their last eight Champions League games and losing Eder Militao for the long haul, and it’s no shock that Florentino Perez, Madrid’s president, is getting twitchy.

Spanish outlet Fichajes says Perez has had enough. Between crashing out of the Copa del Rey to Albacete—a team from the second division, no less—and the ongoing defensive mess, Madrid are desperate. Supposedly, Perez wants to go big and throw €100 million at Spurs for Romero, hoping the sheer size of the offer will force Tottenham’s hand.

Madrid sees Romero as exactly what they’re missing: a defender with some bite and personality. According to these reports, Perez thinks the huge fee will be impossible for Spurs to refuse.

If this goes through, it’d become the third biggest January transfer ever—behind Chelsea’s €121 million for Enzo Fernandez and Barcelona’s monster €135 million move for Philippe Coutinho. It’d also match what Madrid paid Spurs for Gareth Bale in 2013, which is still Tottenham’s record sale.

But here’s the thing—Tottenham aren’t exactly eager to sell. Rumours about Madrid wanting Romero aren’t new. Last April, Romero himself admitted that a move to Spain would tempt him. He even said he’d love to play in La Liga since it’s the only major league he hasn’t tried yet.

But right now, Spurs are stretched at the back. Micky van de Ven, Romero’s regular partner (and a long-term Madrid target himself), is out injured. Selling Romero now would be disastrous for Tottenham. People around the club aren’t ruling out Madrid making a move in the summer, but for this month, there’s no sign Tottenham will budge, no matter how much money is on offer.

Meanwhile, Van de Ven missed the trip to Germany for Spurs’ last Champions League group game against Eintracht Frankfurt—a match Tottenham won 2-0, easing the pressure on boss Thomas Frank and booking a spot in the last 16. There’s hope Van de Ven could feature against Manchester City on Sunday, but Pedro Porro is definitely out for a month with a hamstring injury.

With so many defenders missing, Spurs had to line up with Romero and Kevin Danso in the middle, flanked by Djed Spence and Destiny Udogie in that win over Frankfurt. Still, Frank will take heart from another Champions League clean sheet.

Romero got plenty of praise after that game—not just for his defending, but for setting up Randal Kolo Muani’s goal. On Match of the Day, Stephen Warnock said, “They were clinical, and that’s what you want away from home. Kolo Muani did exactly what you need from your striker in the box. Credit to Romero—he’s a real threat on set pieces. That back-post header was clever. He put it right where his striker needed it. Bit of a scruffy finish, but nobody cares when it ends up in the net.”