The 25-year-old attacker is aware he is not likely to ever become an essential part of the Madrid team.
Despite making the most La Liga appearances of any player in Zinedine Zidane’s squad this season – albeit largely from the bench – Vazquez is said to have sent a warning to club chiefs.
According to Spanish outlet Diario Gol, the Spain international wants to be given a more prominent role or he will leave.
Vazquez’s greater game time this term has had more to do with Gareth Bale’s injury troubles.
And while he has not yet made a definitive decision, the winger’s future will ultimately boil down to the project planned for next season.
Real Madrid star Lucas Vazquez is said to have Liverpool and Arsenal especially chasing him
Vazquez has options should he turn his back on Madrid, with Arsenal, Liverpool and Roma apparently in the hunt
Vinicius Jr has already been captured as a star for years to come at the Bernabeu, while Chelsea’s Eden Hazard and Monaco’s Kylian Mbappe are still being chased as marquee signings.
Diario Gol claim the two Premier League sides already enquired last summer.
Real Madrid line-up next season with Kylian Mbappe Fri, May 5, 2017
Click through the gallery for a possible Real Madrid line-up next season with Kylian Mbappe
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And they are now returning for Vazquez ahead of the new campaign.
Arsenal especially are said to be determined to sign the Madrid ace, with Arsene Wenger ready to splash the cash to strengthen his team following their failure to secure Champions League football.
Roma, though, are also interested in taking Vazquez to Italy.
The Madrid man's team-mate Marco Asensio also reportedly sent a similar message to the club earlier this month amid offers from Arsenal, Liverpool and Juventus.