It is reported that Real Madrid's Isco turned down a new contract with the European champions two months ago.
The 24-year-old has been unable to cement a regular first team place since joining Los Blancos from Valencia in 2014, often having to make do with sitting on the substitutes' bench.
According to Spanish outlet La Sexta, the midfielder rejected the offer to remain at the club and now sees his future away from the Spanish capital.
As well as the lack of game time, Isco is said to be frustrated at the length of time it took Madrid to approach him over a new deal – Luka Modric, Toni Kroos, Lucas Vazquez, Cristiano Ronaldo and Gareth Bale were all given priority over him in negotiations.
As such, it appears the Spain international will almost certainly leave the Bernabeu at the end of the season. His current contract only runs until 2018, meaning this summer will be Los Blancos' final chance to secure a significant transfer fee for his services.