Spanish publication 'MARCA' reports that the former Sevilla defender is set to join the long list of Real players that have renewed their contract in recent times.
With the ink on Isco and Marcelo's new deals probably still wet, Ramos is being lined up as the next player to tie down.
The 31-year-old signed a five-year deal in 2015, taking him through to the summer of 2020 but it seems that the Real skipper is set to pen a year-long extension, thus tying him to the club until 2021.
Real are used to negotiating several new deals and contract extensions at the same time, with the club desperate to avoid a situation such as the one Arsenal faced this summer with Alexis Sanchez, Mesut Ozil and Alex Oxlade-Chamberlain (amongst others) all moving into the final years of their deals.
'Los Blancos' are thought to be planning to keep Ramos until he truns 35 and then assessing what to do with him when he gets to that milestone, similar to what the club did with Pepe.
If Ramos sees out the new contract that is allegedly on the table, it will take him to 16 years of service for Real, having joined the club from Sevilla back in 2005.
The aforementioned source also states that after Ramos signs on the dotted line, Raphael Varane is the next player in line for contract talks, whilst Cristiano Ronaldo could also be offered improved terms in the not so distant future.