Ceballos is frustrated over a lack of regular minutes this season in Madrid and is ready to push for a departure this summer, says Mundo Deportivo.
The midfielder has been linked with a return to former club Real Betis.
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However, they face competition from Newcastle, where Ceballos has been mentioned as a replacement for Bruno Guimaraes.
Such a move would mark a Premier League return for Ceballas, who played 77 times for Arsenal, scoring two goals and providing five assists.