The 32-year-old has scored two goals and provided six assists in 34 competitive games this season, including 13 starts.
Vzquez, who mainly plays as a right-back, is on an expiring contract with Real Madrid.
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The former Spain midfielder has previously expressed that his future is uncertain.
But Relevo says indications suggest that Vzquez will remain at Real Madrid.
The parties are extremely close to an agreement on a one-year extension. Only details remain.