Leeds United are said to have made a move to bring the Spaniard back to Elland Road.
Villarreal hope to loan him out to a La Liga side next season.
The Spaniard could have joined the club if they were promoted to the Premier League.
Leeds United have a number of players coming to the end of a loan spell at Elland Road.
Leeds United will face Wigan Athletic in the Championship on Sunday.
Alfonso Pedraza is keen to end at Leeds on a high.
Leeds United winger Alfonso Pedraza would be a smart addition for Newcastle.
Alfonso Pedraza has looked bright since joining Leeds United on loan during the January transfer window.
Leeds United will face Burton Albion, Norwich City and Wigan Athletic in their final three Championship games.
The young Leeds United loanee has looked a class act despite the club's recent struggles.