Dani Ceballos reportedly earned his place back in Arsenal's first XI by impressing boss Mikel Arteta during the winter training camp in Dubai.
The midfielder is on-loan from Real Madrid and appeared to have settled into the Premier League well by providing two assists in his first start.
However, the Spaniard's performances slumped and he looked to be surplus to requirements in Arteta's plans after the manager replaced Unai Emery in December.
The 23-year-old struggled to regain his form following a hamstring injury and was an unused substitute for three consecutive league games between 18 January and 2 February - prompting him to ask to leave Arsenal and move to Valencia.
But a stand-out display during Arsenal's January training camp in Dubai saw Ceballos return to the fold, according to The Athletic .
Since impressing the Gunners staff, Ceballos has started the last three league matches, contributing to wins over Newcastle United, Everton and West Ham United.
A permanent move for Ceballos could now be on the cards, with Los Blancos understood to want £36m for his services.
Arteta is expecting to be busy in the summer transfer window, though Arsenal's budget will be dependent on whether they can secure Champions League football.
The Gunners are currently eight points of fourth-place Chelsea with a game in hand, though fifth place could be enough for qualification if Manchester City's Champions League ban is upheld.
Manchester United currently occupy fifth spot and are only five points ahead of Arsenal, though the North London club again have a game in hand.
The coronavirus could also have a large impact on summer transfers, with suspended seasons across European leagues meaning that fixtures may be rescheduled.
Premier League chiefs are set to meet next week to discuss a number of options which will be put forward to clubs to negotiate the outbreak.
