The Spain Under-21 international only moved to the Spanish capital from Real Betis in the summer, but he is already eyeing the exit door as he seeks more minutes on the pitch.
'Calcio Mercato' claim that Arsenal and Tottenham will do battle with Serie A giants AC Milan and Roma for his signature.
Ceballos has only managed 406 minutes under Zinedine Zidane this term, featuring in only 11 of Real's 23 games.
Despite interest from outside of Spain, he could also return to Real Betis on loan for the rest of the campaign in January.