Real Madrid president Florentino Perez has confirmed that Los Blancos will not be making any big-money signings this summer.
Speaking after the club's historic league triumph with a victory against Villarreal, Perez shed light about the financial situation and admitted that Real Madrid cannot splash the cash this summer.
The 73-year-old also affirmed that long-term Real Madrid target Kylian Mbappe would have to wait for his dream move, as Los Blancos aim to have a quiet summer.
"There will be no big signings this summer, the situation is bad; you can't ask players to lower their pay and then make such signings."
"There will be no big signings this summer. He [Kylian Mbappe] can wait. I can't ask players to lower their pay and then make a big signing."
Real Madrid to play waiting game with Mbappe
Real Madrid's pursuit of Mbappe is no secret and Zinedine Zidane remains a huge fan of the player.
Additionally, the young Frenchman idolized Cristiano Ronaldo growing up and has not hidden his admiration of Real Madrid, where he looks set to play at some point in the future.
However, the 21-year-old is expected to stay put at Paris Saint-Germain this summer due to the financial ramifications of the COVID-19 pandemic.
With games expected to be held behind closed doors for the foreseeable future, clubs across Europe are expected to face enormous losses for the forthcoming season.
Mbappe's contract expires in 2022, meaning Real Madrid will be in a better position to sign him next year. Zidane's side could look to sign him for a cut-price fee in 2021, much like they did so with Eden Hazard last summer.
The Spanish giants are expected to have a quiet transfer window, as they aim to fine-tune their squad for the 2020-21 season.
While potential incomings have not been ruled out completely, Real Madrid have confirmed that they will not be spending massive fees on players this summer.
Los Blancos got their hands on the La Liga title for the 34th time in their history, as they dethroned Barcelona to be crowned champions of Spain. Real Madrid have been in stunning form since the restart and recorded ten league wins in succession to seal their title triumph with two games to spare.
With the Champions League knockout stages set to resume in August, the newly crowned La Liga champions will aim to stage a comeback against Manchester City.
Real Madrid were beaten 2-1 at the Santiago Bernabeu by the Cityzens and have a mountain to climb when they visit the Etihad Stadium next month.