Both players have played a reduced part role for Carlo Ancelotti’s side this season with the Italian opting for a consistent core of starting players on his return to the club.
According to reports from Marca, neither player has been offered a contract renewal at this stage, with their respective contracts both expiring in 2023.
Asensio’s case to remain in Madrid looks stronger, with ten La Liga goals in 2021/22, but the expected arrival of Kylian Mbappe could push him further down the pecking order.
However, if an acceptable offer comes in for the Mallorcan winger, Real Madrid could opt to sell for €50m, to avoid a free transfer exit next season.
Ceballos has been linked with a return to Real Betis and the Spanish international will be put up sale if the club opt against an extension.