Tottenham have not reacted to Eriksen’s admission he fancies moving on but will battle to keep hold of the brilliant Dane.
Zinedine Zidane has put the Spurs midfielder on his shopping list despite already raiding the Premier League for Chelsea superstar Eden Hazard this summer.
Ceballos is away on international duty with Spain at the Euro Under-21 Championship and scored his country’s goal in Sunday’s 3-1 defeat by Italy.
The Spaniard, 22, has told Zidane he wants to leave after struggling for game time last season.
But it has now emerged that Madrid want to use their highly-rated youngster to help prise long-term target Eriksen out of Tottenham.
Eriksen, 27, revealed two weeks ago that he wants to leave Spurs to “try something new”.
He has only one year left on his contract and is unlikely to sign an extension given his comments.