The 21-year-old joined the La Liga giants in a £16m deal over the summer after impressing for Spain at the Under-21 European Championships.
And in heading to Real he snubbed interest from their arch-rivals Barcelona, who also made contact with his former side, Real Betis.
Ceballos has made just two starts in the Spanish top flight this term though and has only appeared from the bench in the Champions League.
The latest reports suggest the Utrera-born ace is keen to secure himself a fresh start in order to continue his development.
Spanish publication Diario Gol claim Ceballos’ representatives have asked for him to be allowed to leave when the transfer window opens.
Serie A outfits Inter Milan and Roma are also thought to be on Ceballos’ radar as he looks to end his Real stay.
Real are unwilling to let Ceballos head for the exit door next month though and will only sanction a loan deal in the summer.
Ceballos is said to have discovered he was a signing made by Florentino Perez, rather than manager Zinedine Zidane.
And the Real president is among those who believe he can flourish with them, hence their reluctance to part ways with him.
Real are currently a hefty 11 points adrift of Barcelona in the La Liga standings.
And they play host to Ernesto Valverde’s men this weekend in a game which could have a huge impact on the title race.