ABC says the two club supremos will hold crunch talks about Ceballos' future next Wednesday ahead of the International Champions Cup encounter between the Gunners and Real.
However, it seems like the Spain international can only be signed on loan without a buyout clause that will also see the north London club paying his wages in the mean time.
However, there haven't been many offers for Ozil yet and Emery has been handed a small transfer budget of only £45million plus fees from players sold.
Ceballos costs almost £27m, and the Gunners will want to strengthen in other areas as well this summer.
Therefore, a loan deal could be the best case scenario for Arsenal in the current market.