Mbappe, as it stands, will be a free agent next June, meaning that Los Blancos would be free to enter into pre-contract discussions with the France international in January.
The World Cup winner could be available on a free transfer, but he would want a substantial wage packet and high signing-on fee to make the move to the Bernabeu.
Haaland, meanwhile, will have a release clause in his Dortmund deal next summer, and Real Madrid are expected to rival the likes of Manchester City, Manchester United and Chelsea for his signature.
Here, Sports Mole looks at how Carlo Ancelotti's side could line up next season if they manage to sign both of their leading attacking targets in 2022.
The arrival of both Mbappe and Haaland would make Real Madrid arguably the most feared side in world football, but ironically, two of the team's star performers operate in the areas that the duo would expect to feature.
Indeed, Karim Benzema remains a hugely important figure for Los Blancos, with the Frenchman scoring nine times and contributing seven assists in nine appearances in all competitions this season, while Vinicius Junior has managed five goals and four assists in nine outings during an impressive start.
As a result, there might be times when Ancelotti can play an attacking 4-4-2 formation, with Vinicius moving across to the right, and Haaland joining Benzema as part of a front two.
Of course, the attacking 4-4-2 above could not be used in every match, as it would leave them open against the better sides, but Benzema could potentially drop deeper into a number 10 position, while Mbappe and Vinicius could easily swap wings during the course of the match.
Both Haaland and Mbappe would guarantee goals, and although Real Madrid have made a positive start to the 2021-22 campaign - aside from the shock loss against Sheriff Tiraspol in the Champions League - they are in need of some new stars to help them return to the summit of European football.