The Spanish outfit had the Germany international on their books between 2010 and 2013 but he struggled to make an impact at Santiago Bernabeu and is currently enjoying one of the best seasons of his career at Arsenal.
Indeed, the Spaniards believe he has gained the maturity he missed when he was previously in Spain and is ready to take the club's No.10 role from the Colombian, who has clashed with head coach Rafael Benitez.
If Arsenal's asking price was to be deemed reasonable, Madrid would happily complete a move, according to the report.
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