The 16-year-old has already featured on 10 occasions for River's first team, scoring once, and a number of clubs are thought to have been alerted by his progress.
According to Marca, Real Madrid are showing a strong interest in the teenager, with the Spanish giants sending scouts to monitor his performances at senior level.
The report claims that Mastantuono's current deal, which is due to run until June 2026, has a release clause of 45m (£38.6m), with River moving quickly to protect his value amid the growing interest.
The youngster will not be able to move to European football until 2026, but Real Madrid are said to be determined to have a deal in place due to the competition for his signature.
Mastantuono has shown his versatility by operating as a right-sided forward and central attacker for River this season, and he is yet to taste defeat in the Argentine outfit's first team.
Real Madrid's squad this summer will be boosted by the arrival of Endrick, who has scored twice for Brazil during the current international break against England and Spain.
The 17-year-old will move to Bernabeu from Palmeiras, with Real Madrid beating a host of clubs to a player widely regarded as one of the best young talents in world football.
«I talked about it on Monday at dinner, I dreamed of scoring my first goal at the Bernabeu. Here no one is better than anyone else. And I owe these two goals to my teammates and to Dorival [Junior] for his trust,» Endrick told reporters after scoring in Brazil's 3-3 draw with Spain on Tuesday.
«I am very happy with what is happening in my life and I appreciate it very
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