Off contract at the end of the season, Real management have informed coach Xabi Alonso they do not intend to renew Alaba's deal.
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Alaba, 33, accepts the situation, though has no plans to retire.
Instead, the defender will be open to discussing pre-contract terms with clubs abroad from January 1 - with all options on the table.
Saudi Arabia, Qatar and MLS offers will all be considered from the turn of the year.