Isco is on Arsenal's radar
The 24-year-old has been limited to just 11 La Liga starts under Zinedine Zidane this term.
Arsenal and Barcelona have both been monitoring the midfielder, and could provide an escape route for the unfancied star.
Recent reports suggested Real will wait until the end of the season before making an announcement on Isco, whose current contract expires in 2018.
Arsene Wenger is a long-term admirer of Isco
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From now until the end of the season, we will make a decision. It is my future at stake
And the player himself has intimated a summer move could beckon unless his current situation changes.
“I'm calm. What worries me is to have minutes," Isco told beIN SPORTS.
"A player's career is small.
"I'm happy here and would stay many more years.
"From now until the end of the season, we will make a decision.
“It is my future at stake."