Chust emerged through the Los Bloncos youth ranks after moving to Madrid in 2000 but he failed to make an impact on the first team.
Zinedine Zidane handed the Spanish U21 international a top-flight debut in 2021 before he opted to join Cadiz on loan at the start of last season.
An impressive campaign in Andalucia convinced Cadiz to push for a permanent move as he enters into the final year of his contract at the Estadio Santiago Bernabeu.
However, as per reports from Diario AS, Real Madrid are not completing severing ties with the 22-year-old, as part of a structured agreement.
Cadiz are expected to pay €1m to secure 50% of Chust’s rights, with Real Madrid retaining the remaining half, to ensure a potential future sell on clause, with Sergio González’s side set to pay the fee in four instalments.