Joselu is turning down a permanent transfer to Real Madrid.
On-loan from Espanyol last season, the veteran striker played a key role in Real's Champions League and LaLiga Double.
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Real were prepared to trigger the €1.5m option in the deal to make Joselu's transfer permanent. However, the Spain international has decided against staying.
Instead, Joselu is entering talks with Saudi Pro League clubs and is keen to continue his career in the Middle East.
While disappointed, Real directors have accepted the 34 year-old's decision. A board source told Okdiario: "You have to understand him and if it is to ensure the future of his family he would do very well."
Joselu hit 17 goals and made three assists for Real last season.