The 28-year-old has failed to hold down a regular starting place since making his Real debut in 2015.
He managed just one goal and three assists in 31 LaLiga appearances last season.
And Real’s marquee signing Eden Hazard looks set to push Vazquez even further down the pecking at the Bernabeu.
LATEST FOOTBALL NEWS
LET HIM LEAVE
Paul Pogba‘s agent Mino Raiola has his say on Man United midfielder’s future
West Ham and Shanghai SIPG agree £25million deal for Marko Arnautovic
Arnautovic to leave for £25million, Pogba future, Mourinho in China talks
Man United news: Raiola comments on Pogba‘s future, Mourinho China talks
Spanish outlet AS claim Vazquez is keen on a move to Arsenal as he aims to win a place in the Spain squad for Euro 2020.
The Gunners, who look set to be priced out of a move for £100million-rated Crystal Palace star Wilfried Zaha, are believed to have opened talks with Real over Vazquez.
But they face competition from Champions League trio Inter Milan, Bayern Munich and Paris Saint-Germain.
Football Index Futures
Become a Football Futures Trader on
Trade £500 RISK FREE for 7 Days.
- Build your Portfolio
- Earn Dividends
- Sell at a Profit!
Get started from just £10 Learn more - join.fifutures.com