Businessman Palacios says he will put Real branding onto the driver’s Renault if he wins when the vote takes place on July 2.
Palacios told the Spanish media: “What I have said about Alonso will come to pass if I win.”
Alonso is a fan of the Spanish giants and would act as an ambassador to the club.
It is traditional for presidential candidates to make extravagant boasts in a bid to sweep to power.
