Real Madrid accepted an approach from Getafe to loan out-of-favour playmaker Brahim Diaz but the player does not want an exit.
It is claimed that Madrid and Alaves have a strong relationship at boardroom level and the deal could be similar to the one for Marcos Llorente in the 2016-17 campaign.
The Malaga native joined Los Blancos in a €15m deal from Manchester City in January but a report in Marca in November suggested he now may find himself surplus to requirements.
It followed a report in Cadena Ser that the player had already rejected a loan switch to second division club Rayo Vallecano.
The 20-year-old missed the majority of Madrid’s pre-season with a hamstring injury before suffering a fresh setback in late August with an abdominal injury.
Brahim featured in 11 matches last season after joining in a January deal from Manchester City and appears to have a bright future in the game.
However, the youth international started four of their final five La Liga games last season, quelling reports that he would be allowed to leave on loan this summer.
The player’s father has since become his agent and it had appeared that his long-term future lies in Madrid, although he has yet to be afforded more first-team opportunities this season.
Christian Eriksen and Donny van de Beek have both been strongly linked to Madrid, which would further limit Brahim’s opportunities.