The defensive stalwart has cemented his place as a Madrid legend since joining the club as a 10-year-old in 2002, making almost 450 first-team appearances.
A winner of six Champions Leagues and four LaLiga titles, Carvajal has been integral during his side's dominance throughout the 2010's and 2020's.
In recent times, though, his involvement has been restricted by injury and the arrival of Trent Alexander-Arnold last summer. The Spanish full-back suffered an ACL injury that kept him out for nine months in October 2024 and has made just 21 appearances in all competitions this term.
An exit has felt inevitable for a while, and according to The Athletic, the 34-year-old already has his future in mind. Saudi Arabia clubs have shown interest in the 52-cap Spain international, but the "ongoing tense situation in that region" makes a switch difficult.
Carvajal’s brother-in-law Joselu, his former team-mate at Real Madrid, is set to leave Qatari club Al Gharafa this summer when his contract expires.
A switch to a club one of Europe's top five leagues therefore looks more likely, and perhaps a Premier League team could take a chance on him on a short-term deal.