The Spanish media on Monday reported on a possible transfer of Huntelaar to replace another Dutchman Ruud van Nistelrooy who will miss the rest of the season after a knee operation.
Ajax said that transfer talks were underway but that both sides were still someway short of agreeing on a deal.
The 25-year-old Huntelaar us currently out of action due to an ankle injury and is not expected to be fit again until the middle of this month.
He has scored six goals in the Dutch first division this season after finishing as top scorer last season with 33 goals in 34 games played. He has also taken over from Van Nistelrooy in the Dutch national side.
Real already have five Dutch players on their books - Van Nistelrooy, Wesley Sneijder, Arjen Robben, Rafael van der Vaart and Royston Drenthe.