Manchester City were heavily linked with Isco as he prepared to leave Malaga in 2013, and the Daily Express are among those suggesting that interest could be rekindled as Manuel Pellegrini discusses the youngster with Spanish publication AS.
Pellegrini has worked with the 22-year-old before and remains an admirer of his playmaking talent.
It would take big money to prise his creative ability away from Santiago Bernabeu, but sales of Mesut Ozil and Angel di Maria have been sanctioned by Real in recent years.
Pellegrini is reluctant to be drawn into a debate regarding Isco’s future, as he faces fierce competition for attacking places in Madrid, but admits to being a fan of the Spain international.
He told AS: "I have great affection for him. I was lucky enough to guide him during his passage to La Liga. He has to continue progressing because of his youth and because of the quality he has.
"He chose Real Madrid as his destination and I am happy each time that I see him."
|Team||Total Scoring Att||Total Att Assist||Total Contest||Total Pass||Touches||Appearances||Mins Played|
Isco has been a regular for Real this season, but has been restricted to just 10 starts in La Liga.
That is due to the fact that he is battling with the most expensive player in world football for a place in Carlo Ancelotti’s plans, with Gareth Bale a direct rival.
Los Blancos have offered no indication that they are looking to move him on, but money talks and the January transfer window is now in full swing.