Isco has been without a club since the end of December after his short spell at Sevilla came to an end.
In January, he appeared to be on the verge of joining German side Union Berlin, but the transfer collapsed just as he was about to sign for the Bundesliga club.
The two parties had come to an agreement, and Isco was even in Berlin to complete his routine medical. However, the German club began changing some of the conditions of his contract, including the Spaniard being left out of the Europa League squad because the list of registered players for European competitions was already full.
Isco would reportedly welcome a return to Madrid – a city he spent many years in during his time at Real Madrid – and Rayo are considering a move for the 31-year-old, according to Matteo Moretto of Spanish outlet Relevo.
It is clear that a move for Isco would require a huge financial effort in terms of salary and as of today, there is nothing advanced.
Kieran Quaile | GSFN