Arsenal and Tottenham are monitoring Isco's situation at Real Madrid.
The the Real Madrid star set to discover his fate next week, says the Mirror.
The 28-year-old is set to meet new coach Carlo Ancelotti for talks over his future.
And if the former Everton boss decides he is surplus to requirements, Isco's representatives will formulate an exit plan.
The Gunners have reportedly registered their interest and along with Spurs could look to bring him to the Premier League.
However, it is understood that Isco's preference is to join a club competing in Europe, with Arsenal out of continental competition altogether and Spurs resigned to competing in the newly formed Europa League Conference.
Isco will cost any interested party around £6million plus extras.
