Real Madrid have hinted that Jose Antonio Reyes might yet earn a permanent move to the club.
The Spanish champions were expected not to make Reyes' loan move from Arsenal into a permanent arrangement after he failed to hold down a regular place in the side last season.
Reyes is adamant that he does not want to return to Arsenal and has been holding out for a move to El Santiago Bernabeu.
Atletico Madrid were believed to be keen on Reyes, but Real's sporting director Predrag Mijatovic has now revealed the club could keep the forward after his Liga-winning heroics when coming off the bench to score twice against Real Mallorca to help Real to the title.
"(Reyes) helped us win the league," Mijatovic told the club's official website.
"He's an excellent player and there's a chance he'll stay with us."
Real want Reyes on the cheap
Real Madrid are hoping to convince Arsenal to sell Jose Antonio Reyes in a cut-price deal.
The newly crowned Spanish champions have hinted they plan to keep Reyes after it looked like he would be on his way out of El Santiago Bernabeu.
Reyes's match-winning performance when coming off the bench to score twice against Real Mallorca to seal the title and Fabio Capello's departure has prompted a rethink by Real over the Spanish international's future.
Real are believed to have tabled a £6million offer for Reyes, which is half the fee they agreed when they initially signed him on loan last summer.
Reyes has not hidden his desire to leave Arsenal on a permanent basis and he has been holding out for a permanent deal at Real.
Real's sporting director Predrag Mijatovic has revealed they are now trying to negotiate a bargain price with Arsenal for Reyes.
"We will negotiate for Reyes again," Mijatovic told the News of the World.
"We will talk this over with Arsenal and negotiate a lower fee."
Reports emanating from Spain suggest Arsenal have rejected Real's first offer as they are holding out for £9.5million for the forward.