Zaragoza moved to Bayern in January from Granada.
The Spaniard has only made two appearances in the Bundesliga so far.
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Barcelona are showing interest in Zaragoza ahead of the summer transfer window.
Now Sky Deutschland says Rayo Vallecano are also eager to sign the 22-year-old.
It is possible that such a transfer can take place via a loan. But it is too early to know if Bayern Munich are ready to let Zaragoza go this summer.