They believe the quality performances of Vazquez with the Catalan side, have urged Rafa Benitez to make what is considered a sensible and strategic move, for the 23-year-old, who came through the ranks of the Real Madrid youth academy.
After impressing with Real Madrid Castilla, Vazquez wasn't daunted in the slightest by stepping up to Spanish top-flight, becoming a key player for Espanyol manager Sergio Gonzalez, making 33 appearances and scoring 3 goals.
He also added 6 appearances and one goal in the Copa del Rey, to his contribution during the 2014-15 season with Los Periquitos.
Not only would Vazquez offer an extra option wide on the right for Los Blancos, he would also help them meet Champions League requirement, regarding the quantity of home-grown players who must feature in the squad.
Real Madrid reserved an option to re-sign Vazquez, when he initially joined Espanyol last summer, and are planning to do so for a fee of just €1 million suggest the reports.
There is an interesting caveat to this news, however. Back in March, it was hinted by Catalan outlet Mundo Deportivo, that there was another motive for Real Madrid taking the player back to the Santiago Bernabeu.
Following a wealth of speculation Liverpool were interested in Vazquez, it was suggested that the motives for Real Madrid were purely economical, because they could cash in on a fee of around £7 million, if the player subsequently moved on to Anfield.