This is impossible.
If $\theta$ is algebraic over $K$, then $\Bbb{R}$ has finite degree over $K$, and so $\Bbb{C}$ has finite degree over $K$. But this is impossible: by Artin-Schreier, if the algebraic closure of a field is a finite extension, its degree is $1$ or $2$.
If $\theta$ is transcendental over $K$, then $\Bbb{R}=K(\theta)$ does not contain a square root of $\theta$ or of $-\theta$. But of course this is impossible: every positive real has a real square root.