Malaga are exploring the prospect of tempting Isco back to his old club in January, says AS.
Isco turned down an approach from Malaga last month, but the communication lines remain open.
The 24 year-old has managed just 18 minutes so far this season in LaLiga as he continues to slip down the pecking order.
Just last week, Malaga chief Francesc Arnau stated: "You all know the love that we have for him here.
"He's like our child and we will always have our doors open whenever the situation permits.
"On the possibilities of coming here, you'll have to ask why this has come more from the environment of Madrid than from Malaga..."