Real Madrid president Florentino Perez is ready to sell Isco.
Whether this month, or at the end of the season, Isco has no long-term future at Real Madrid.
Don Balon says Florentino is prioritising Tottenham ace Dele Alli as his Galactico signing this year and will make room for the England whizkid by selling Isco.
The president's plans sets up the prospect of a swap with Spurs, where manager Mauricio Pochettino is a big fan of Isco.
Alli inked a new, six-year contract with Spurs in September.