Both players are into the final year of their respective Los Blancos contracts with crucial decision on their futures expected next month.
Asensio is attracting transfer interest from England and Italy, as he eyes a World Cup spot at the end of 2022, with Ceballos linked with former club Real Betis.
According to reports from Marca, Real Madrid will pause their attempts to sign new players, with sales needed to balance the squad.
Both players could be sold to fund reinforcements as Carlo Ancelotti looks to defend his Spanish and European titles in 2022/23.
Asensio could attract a fee in the region of €50m, if Ancelotti opts to sell him on, with Ceballos rated at around €10m.
Both players will be reduced to a squad role in Madrid, if they remain, with new players pushing them down the pecking order.