Dani Ceballos will reportedly speak with Real Madrid president Florentino Perez about the possibility of staying at Arsenal for the 2020-21 campaign.
The midfielder's existing loan deal at the Emirates Stadium is due to expire next month and as it stands, he will be back at the Bernabeu for the start of next season.
The 23-year-old is allegedly not in the plans of Los Blancos head coach Zinedine Zidane, though, and there has been a host of speculation surrounding the midfielder's future in recent weeks.
According to El Confidencial, Ceballos will ask Madrid to extend his loan at Arsenal for another season as he is keen to secure regular football ahead of next summer's European championships.
The report claims that the La Liga champions would rather sell the Spain international this summer but another loan with an option to buy could potentially be agreed.
The former Real Betis youngster has scored twice and provided two assists in 34 appearances for Mikel Arteta's side since arriving last July.