Real Madrid explored the prospect of bringing Achraf Hakimi back on a free transfer in 2026, banking on his stalled renewal with Paris Saint-Germain and strong emotional ties to the club. But everything changed after Kylian Mbappe’s exit opened huge salary space at PSG, leading the Moroccan star to make a dramatic U-turn and sign a long-term extension in Paris instead.After spending years in Madrid's youth academy, Hakimi left the club in 2020 to join Inter after a positive spell on loan at Borussia Dortmund. He has since blossomed into arguably the best right-back in the world, having since joined PSG and helped fire the French team to Champions League success last season. Naturally, Madrid fancied bringing the Morocco star, who made 17 senior appearances for Los Blancos, back to the Santiago Bernabeu, and with his contract expiring in 2026, there was a period they had high hopes of luring him.At the time, Hakimi’s renewal talks with PSG had stalled, and Madrid had privately informed him years ago that if he ever completed his PSG contract and became a free agent in 2026, the Bernabeu doors would be wide open. With relations between Real Madrid and PSG strained, a no-fee return was viewed as the only viable path. That possibility dramatically shifted after Mbappe left and PSG suddenly had significant financial room to manoeuvre, setting up the turning point that derailed Madrid’s plan, according to AS.The Moroccan future was headed towards a free-agent crossroads until the Ligue 1 giants acted decisively. Mbappe’s departure freed up enormous wage capacity, allowing PSG to table a package Madrid simply could not compete with. The offer, strengthened by Luis Campos’ sporting project and Luis Enrique’s influence in the dressing room, convinced Hakimi to rethink his future and sign a long-term deal in February of this year.From PSG’s perspective, retaining one of the world’s best right-backs became a cornerstone of their post-Mbappe rebuild. Hakimi, already deeply integrated into the Paris squad and the club’s long-term vision, chose stability in Paris over sentiment in Madrid.Looking for smarter football bets? Get expert previews, data-driven predictions & winning insights with GOAL Tips on Telegram. Join our growing community now!Throughout this saga, Hakimi has been recovering from the ankle injury suffered after Luis Diaz’s heavy challenge in the Champions League. PSG allowed him to continue treatment in Murcia, where he works closely with Salinas and the Innova Clinic team. He was recently seen on a rolling mobility device at the CAF awards after winning the 2025 African Player of the Year.His regular appearances across Spain in recent weeks also kept speculation alive. Hakimi’s visit to Real Madrid's 2-2 draw against Elche in La Liga last week, where he watched former Madrid academy striker Alvaro Rodriguez score and mimic Hakimi’s “penguin” celebration. Despite his PSG renewal until 2029, those emotional links remain intact. Just as telling: he met his close friend Mbappe after the Elche match.With Hakimi now tied to the European champions until 2029, Madrid’s long-standing plan to re-sign him has effectively ended. The club always knew that negotiating with PSG’s hierarchy was nearly impossible and once a free transfer was off the table, the window closed.For PSG, Hakimi will be a central figure in Enrique’s evolving project, expected to return from injury ahead of the Africa Cup of Nations window. For Madrid, it is the story of a reunion that seemed increasingly possible until PSG’s post-Mbappe rebuild swept him firmly back into the Paris project.Even so, his repeated presence in Spain, his Madrid academy past, and his affection for the club ensure that his relationship with Los Blancos will always remain part of his identity even if the comeback will no longer happen.