The 25-year-old is the most expensive signing in football's history after his €222m move to PSG from Barcelona last summer and Mijatovic would love to see him at the Bernabeu.
"Neymar is a player that I love, he has magic and he will make many Real Madrid fans very happy. If there is a possibility of signing him, I would say yes," said Mijatovic.
When asked if the Brazilian and star man Cristiano Ronaldo are compatible, the Montenegrin concluded: "I think the two can fit in. There would be no problem with having both of them [in the team]".
Neymar has made 23 appearances for the Parisian giants in all competitions, scoring 24 times.
This type of consistency would be welcomed in Madrid as the team struggle to put together a run of decent performances, something they will hope to change in Sunday's La Liga clash against Deportivo.