Mick Brown, who also worked as the chief scout at Man United and Blackburn and remains very well-connected within the game, exclusively told Football Insider that the 26-year-old would be keen to move if Madrid came calling.
However, Los Blancos are set to assess alternative options before they make a move for Romero as they continue to work on new arrivals behind the scenes.
This comes after Brown told Football Insider that Real Madrid want to sign Arsenal’s William Saliba, who ranks among their top targets at centre-back.
Carlo Ancelotti’s side are determined to strengthen their defensive unit this summer after an injury-stricken season has caused concern behind the scenes.
Romero has been a long-term target at the Bernabeu, but Brown explained he is not currently at the top of their list of options as they prepare for the window to open.
Real Madrid eye Cristian Romero deal as Tottenham stance shared
Football Insider revealed on 15 November that Spurs will demand a “huge” offer for Romero if they are to entertain talks over his exit.
Brown, who has a wealth of experience in top-level player recruitment after over a decade at Man United during their most successful period, insisted Madrid will have to make a decision about their top target ahead of the summer window.
“I hear Real Madrid have been looking at Cristian Romero,” he told Football Insider.
“To be honest, he never gives me the impression of stability, he’s always liable to make a bad decision or do something silly and cost you.
“I don’t think that’s what Real Madrid need at the moment.
“They certainly want to sign a centre-back and he’s on their list, but there are other targets too.
“The injuries they’ve had this season have forced them to look at a number of options and they’ve been working on finding the right players.
“I don’t doubt if Romero is given the chance to join Real Madrid, he’ll want to go.
“But they need stability there which will allow them to get the best out of the superstars they’ve got in the final third of the pitch.
“I expect they’ll look elsewhere, but they’ll need to decide on a top target because when Real Madrid set their sights on someone, they usually get him.”
Ange Postecoglou targets new centre-back after ‘huge’ bid rejected
As rumours about Romero’s position continue to swirl, Spurs are expected to make a move to sign a new centre-back in the summer transfer window.
They had a “huge” £70million bid for Crystal Palace’s Marc Guehi rejected in the closing stages of the January transfer window, and remain keen on the England man.
Brown told Football Insider on 17 March that Tottenham want a top-class centre-back to play alongside Micky van de Ven under Ange Postecoglou.
This comes as Tottenham have been struggling defensively all season, having kept just two clean sheets in their last ten games, and will look for reinforcements.