Both Tottenham and Arsenal's hopes of signing Real Madrid midfielder have received a major boost after the Spaniard was left out of the Real Madrid International Champions Cup squad.
The 22-year-old's stock rose as he impressed in the European U21 Championships, scoring two goals and providing two assists on the team's way to lifting the title.
The Real Madrid man is eager to get more game time this season, and a loan deal away from the Santiago Bernabeu looks like the most likely outcome, with the midfielder already being told by manager Zinedine Zidane that he is unlikely to play the 40 games a season that he wants if he stays at Real.
Both Tottenham and Arsenal have been linked with a loan deal for the midfielder, with whoever wins the race also likely to have an option to buy the Spanish international within the deal.
The duo's hopes of securing the services of Ceballos took a boost, as Real Madrid announced their squad for the International Champions Cup pre-season tournament, and the player was not included.
Real Madrid take on Bayern Munich, Arsenal and Atletico Madrid during the competition, but will do so without Ceballos, which indicates that a move could be imminent for the Real man.
Ceballos made 23 La Liga appearances last season, scoring three goals. Tottenham are favourites to secure his signature, but latest reports suggest that North London rivals Arsenal are still well in the race for him.
