The 21-year-old, widely regarded as one of the best young players in Europe, has recently admitted to wanting more playing time at Real, whom he joined from Malaga only last summer.

Prior to making the move to Madrid, Isco had been linked with a whole host of top clubs, with Manchester City believed to be the other main contenders to sign him due to his connection with Manuel Pellegrini, his old boss at Malaga.

However, Arsenal were also interested in the Spaniard, and may try again for him ahead of next season if he continues to be unhappy with his situation at the Bernabeu.