BILD says Arsenal and Borussia Dortmund have both expressed interest in the defensive prospect in recent days.
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Valdepeñas, 19, made his full debut in last week's win at Alaves.
For their part, Real management have little interest in parting with the prospect.
If the Spanish giants were to agree to release Valdepeñas, they would most likely request a buyback clause.
Valdepeña's contract with Real Madrid runs until the summer of 2029.
