Ceballos has been contracted to Los Blancos since making the switch from Real Betis in 2017, and he has since gone on to win a hatful of silverware.
The 27-year-old can count one La Liga title, one Copa del Rey and two Champions League crowns among the trophies earned during his time at the Bernabeu.
However, the Spain international has never been any more than a squad member under the likes of Zinedine Zidane and Carlo Ancelotti, the majority of his appearances coming from the bench.
Just 39 of his 141 outings have come from starting lineups in La Liga, just one of those starts being handed to him during the 2023-24 campaign.
More recently, Ceballos has been provided with three brief substitute outings since the beginning of February, highlighting that he is not relied upon by Ancelotti.
With Ceballos agreeing to a long-term contract extension last summer, he is now tied to Real until 2027, and the powers-that-be at the Spanish giants may be content to keep him as a low-cost squad option.
On the flip side, though, there is potential for Ceballos to generate a transfer fee at a time when Real are expected to hand Kylian Mbappe a lucrative contract and are in the market for a new left-back.
According to Mundo Deportivo, Newcastle have emerged as a potential destination for Ceballos in the summer.
The Magpies have been blighted by issues in the engine room all season, not helped by Sandro Tonali's suspension for breaching gambling regulations and Joelinton missing the second half of the campaign through injury.
Both situations could change, yet Tonali has recently been charged by the Football Association for
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