Dani Ceballos is set to meet Real Madrid officials to discuss his future plans after the midfielder helped Arsenal lift the FA Cup on Saturday.
The Spaniard cemented himself as a key figure in Gunners boss Mikel Arteta's starting XI and made 37 appearances during his season-long loan at the Emirates.
But Ceballos' deal with Arsenal expired after the triumph at Wembley and he must now weigh up his options on his return to Madrid.
A new deal at Arsenal is a possibility, with Mikel Arteta keen to keep him on a permanent basis.
But Los Blancos may choose to hold onto the 23-year-old or sell him elsewhere, with former club Real Betis believed to be interested in a permanent signing.
Speaking after the FA Cup final, Ceballos confirmed he has been close contact with Real throughout the season.
And he will meet with club officials after their Champions League last-16 clash with Manchester City on Friday.
He told Spanish radio station Cadena SER: "It's a satisfaction to have won the FA Cup. I'm thrilled to end the season with a title.
"Real Madrid have remained close to me throughout the season, not just now. I'm grateful for that. I spoke to the Real Madrid president Florentino Perez, who has congratulated me for the title.
"From today, I am a Real Madrid player and I'm happy about that. Real Madrid have an important game against Manchester City and from then on, I will talk to the club and discuss my future."
Ceballos also outlined his aims to feature in next year's Euros and the Tokyo Olympic Games, and set himself a target number of appearances for next season.
He added: "It's clear that Real Madrid have great players. They have won the most important title this season, which is La Liga.
"I need to talk to the club and will do so after [Real Madrid's game] against [Manchester] City and evaluate what is best for me.
"Next year there's the European Championship and the Olympics and I want to enjoy football, to be happy and play a minimum of 35 games, that is my aim."
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