The veteran centre-forward is on-loan at Real Madrid from Espanyol this season, where he has scored 13 goals in 42 games.
Joselu can sign permanently with Real for 1.5m.
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However, SPL clubs are threatening to trump Real to a summer deal for Joselu.
For his part, Real coach Carlo Ancelotti is eager for Joselu to stay next season, though the contract offer from Saudi will be superior.