The Spain international has been identified as a potential replacement for Adrien Rabiot, though there are now doubts over whether OM plan to sell the midfielder.
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However, negotiations between OM and Real Madrid remain on track for Ceballos, who himself expects to leave Los Merengues in the coming days.
Revelo says an initial loan is close to being agreed with a permanent option set in the region of €12-15m.
Ceballos has also been linked with a return to Real Betis, though he has given his approval to the OM transfer.