Mbappe can't be considered a target for Real Madrid because they tried to hire this player in the previous season and they failed because accepted the PSG offer because of the money they could offer him for staying in PSG I don't think he can be a suitable option for Real Madrid, instead, they can try for Osimhen which can be a better option.
The failure of signing him in the previous transfer window doesn't mean no chance for Real Madrid to sign him in the next transfer window. There is always a chance as long as the player still has an intention to leave PSG. Sure, PSG has the money and PSG always tries to keep him to stay, but Mbappe may change his mind because he can't get the highest achievement for a footballer in PSG. Every player wants to win UCL trophy, but PSG has no capability to win it.
By the way, Osimhen is also a good target for Real Madrid. If signing Osimhen looks easier, it is okay to prioritize him over Mbappe. Osimhen is also a great striker that deserves to replace Benzema.
After Madrid was defeated against City, Don Carlo will discuss it with the president of Real Madrid. rumors, as quoted by Frabrizio Romano, that Carlo Ancelotti will remain with Madrid. "the club guarantees that Ancelotti will stay, Brazil? the whole world knows I have a contract here and I want to stay".
IMO, I'm pretty sure that Madrid will sign several players in the next summer transfer window. not only for Jude Bellingham, but for a pure striker who is ready to become Karim Benzema's successor. does not rule out the possibility, if Madrid will return to consider Mbappe. all of that could happen, especially if Mbappe is willing to leave PSG this season. apart from that, I'm pretty sure the technical director of Madrid has targeted several names to be brought to the Santiago Bernabeu. it's possible that their top choice would be Osimhen, though all that is still mere rumours.
But in truth, Osimhen is the ideal player that Madrid needs more than Mbappe. because, Osimhen has a pure striker position. after all, it looks like Osimhen's transfer fee is below that of Mbappe's. so, it is not impossible if Madrid has prepared it for next season. to find out more, we just follow every development.