The European Champions, from the Spanish capital have signed a new lucrative sponsorship deal with the National Bank of Abu Dhabi.
Local newspaper reports suggest the change of the badge was brought in to make sure no offence was taken in the Islamic United Arab Emirates, where a marketing drive will take place.
Real Madrid president Florentino Perez called the deal a "strategic alliance with one of the most prestigious institutions in the world".
The change in design hasn't formally been announced but it was seen at the launch of the new deal where a number of the club's stars, including Welsh international Gareth Bale, were in attendance.
Premier has contacted Real Madrid but is yet to receive a response.