The 20-year-old attacker was loaned out to French club Lyon for the second half of last season after he struggled for regular first team minutes at Real Madrid under Xabi Alonso and Alvaro Arbeloa.
Endrick impressed during his time in Ligue 1, scoring eight goals and providing eight assists in his 21 games across all competitions, before heading back to Madrid in June for preseason.
Liverpool reached out over a loan package for the 2026/27 season, but that was rejected, as Jose Mourinho wanted to assess him on his return from injury.
AC Milan and Arsenal are also monitoring the situation with Endrick only playing four minutes for Mourinho following his return from injury.
A move to Italy could be viewed as the best option for his development - with Arsenal unable to offer him a starting role - and that could trigger a direct battle between AC Milan and AS Roma for a six-month deal in 2027.