Sky Italia says Roma are in talks for Carrasco.
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The Giallorossi are working with the player's representatives to secure Al-Shabab's approval for a loan, the only viable option given the Belgian's high salary.
Carrasco wants to return to European competition for the next six months to stay in contention for the Belgium's World Cup squad.
The veteran left Atletico Madrid for Al-Shabab over two years ago. His deal with the Saudis runs to the end of this season.