Real Madrid have set their asking price for Dani Ceballos, who spent the last two seasons on loan with Arsenal.
The Spaniard had a productive debut season for the Gunners, and he was re-signed last summer with the appreciation from fans.
However, he struggled to make a similar impression. The Gunners have opted against pursuing a permanent deal.
It is now reported that Los Blancos are looking to offload Ceballos permanently to ease their wage bill.
They value the midfielder at £34m with reported interest from Valencia, Villarreal and former club Real Betis.
Ceballos is currently with Spain at the Olympic games in Tokyo. La Roja will face off against Brazil in the Gold Medal match.
The 24-year-old is unlikely to play any part as he has been nursing a swollen ankle since the tournament’s opening game.
He was the subject of a poor challenge against Egypt. Ceballos played 45 minutes of that game where he was the captain.