Real Madrid have announced they won't be triggering the buy-back option in the contract of Mario Hermoso.

The Espanyol defender is a target for Arsenal and Everton in England, along with Atletico Madrid.

AS says Real have declared they will not compete for Hermoso's signature, though will insist the 50 per cent sell on fee be enacted.

As such, Espanyol will be seeking to sell to the highest bidder.

During last season, Emery was seen at Espanyol games making a personal check on Hermoso.