Arsenal and Liverpool have been put on alert after Dani Ceballos instructed his agent to seal a move away from Real Madrid this month.
The Premier League duo are believed to be interested in the 21-year-old, who has recently told his representative to start holding talks with teams that are keen on his services.
Ceballos is thought to be unhappy at the lack of first-team action at the Bernabeu and has warned club president Florentino Perez and manager Zinedine Zidane that he considering a transfer away.
Real signed Ceballos from Real Betis for £15million last summer and has only played six times in La Liga, scoring twice.
Arsenal may need to guard against either Mesut Ozil and Jack Wilshere – or both – leaving in the summer, and have reportedly targeted Ceballos.
Liverpool are also keen after selling Coutinho to Barcelona, while Spanish publication Diario Gol claim up to five clubs are interested in the former Betis man.
It, however, remains to be seen whether Arsenal are among the five looking at Ceballos – only time will tell.