Yes. they can. They were going to spend that money last year but PSG refused to budge.
They have a number of their highest earners out of contract this summer and they just signed a couple of deals recently that gave them a significant cash injection over the next 5 years, but I can’t remember who with. La Liga signed a new tv deal in December that is 40% more than the last one. A big chunk of that is probably Madrid bound.
Edit: remembered where I saw it - @Zoran 's post in the La Liga thread. It was only one deal but for a longer time frame