The veteran full-back is considering his options after stepping away from Los Blancos at the end of the 2025/26 campaign despite being offered the traditional one-year renewal as per the club's policy for players aged 30+.
After an injury-disrupted 12 months, Carvajal chose to leave and wrap up 13 seasons at the club, after the former Real Madrid academy product went back to there after a year at Bayer Leverkusen in 2013.
The 34-year-old went on to win four LaLiga titles and six UEFA Champions Leagues, as part of several dominant teams, and established himself as a club legend and one of the world's best full-backs across the last decade.
Carvajal is rumoured to have received offers from MLS, the Saudi Pro League and the Qatar Stars League, but he wants to stay in Europe due to his family, and he could still remain in Spain.
Reports from Spanish transfer outlet Fichajes.net claim newly promoted Deportivo la Coruna have offered the 34-year-old a 12-month contract, as the Galicians look to add experience to their ranks for the months ahead.
Deportivo are back in the top tier of Spanish football for the first time since 2018 after finishing second in the Segunda Division last season and the club are keen on Carvajal despite his injury record.
The final call will come down to the player himself, with Carvajal determined to keep playing at the highest possible level, so he could wait for a possible offer from a UEFA Champions League side before taking up Deportivo's proposal.