Real Madrid have reportedly rejected a bid worth £26m from Arsenal for the permanent transfer of Dani Ceballos.
The Spaniard moved to the Emirates on a season-long loan over the summer after being told that his playing time would be limited under Zinedine Zidane.
Ceballos has so far impressed for Arsenal across 12 appearances, with his performances keeping Mesut Ozil out of the side.
According to ElDesmarque, Los Blancos have turned down a bid worth £26m to make the transfer permanent next summer.
It is thought that Madrid, who are open to selling Ceballos, will only listen to offers starting at £30m.
Unai Emery, whose side is struggling for creativity this season, has also reportedly established an interest in Isco ahead of the January transfer window.