Calciomercato claims that Real Madrid has placed Isco on the transfer market ahead of the summer transfer window as the Spaniards look to make some money from his sale.
Isco has moved from being a prominent member of the Real Madrid first team to a player that the club is open to selling.
His place in the Madrid team may have been lost, but he remains a player of undoubted quality.
The report claims that Inter Milan and Juventus are two Italian teams that are historically interested in signing him and they are still looking at him.
However, this time, they will face tough competition from Arsenal and Everton.
Both Premier League sides have been monitoring his situation at the Bernabeu and they are preparing to make a move for the 28-year-old.
Mikel Arteta has known of Isco since he was the assistant manager of Manchester City while Carlo Ancelotti wants to be reunited with the player whom he managed at Real Madrid.
Juventus are rebuilding their team under Andrea Pirlo and the former midfielder may feel that he can help Isco get back to form.
It remains unclear how much Madrid will demand from his sale but he should be affordable as they have transfer-listed him.