The young Spanish midfielder left Real in the summer for Germany and Stuttgart.
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Chema signed permanently with VfB for €3m, though the deal includes a buy-back option for Real.
And AS says Real management have been impressed by the instant impact made by Chema in the Bundesliga.
At Real, they see Chema as a potential replacement - or at least cover - for midfielder Aurelien Tchouameni for next season.
