Real Madrid are reportedly prepared to sell as many as 12 players during the next transfer window.
While Los Blancos continue to be linked with a wide range of high-profile names, it has been well documented that sales must be made to fund any new arrivals.
According to the Daily Star, Zinedine Zidane has identified a dozen players who he would be happy to part ways with later in 2020.
Ceballos is said to be on that shortlist having endured a mixed loan spell at Arsenal, with Valencia allegedly monitoring the situation having previously express an interest in the Spaniard.
James Rodriguez and Gareth Bale, both big earners at the Bernabeu, are also likely to be available for transfer in the coming months.