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Tottenham and Arsenal will learn later this week whether or not Real Madrid ace Isco is available this summer.

The 28-year-old is set to meet new coach Carlo Ancelotti for talks over his future.

And if the former Everton boss, who quit Goodison Park in June to return to the Bernabeu, tells the Spain international he is free to leave with immediate effect then his representatives will formulate an exit plan.

Isco’s contract with Real has now entered its final year and club bosses have confirmed he will not be offered an extension.

That leaves Ancelotti and Real with a decision to make over whether to cash in now or let him leave for nothing in 12 months’ time.

Isco has struggled for minutes at Real Madrid of late

Italian giants AC Milan are waiting to hear the fallout from Isco’s meeting with Ancelotti but so, too, are north London rivals Spurs and Arsenal.

The player wants a two-year deal and has decided to look abroad rather than move to another club in Spain for a new experience.

Arsenal have registered an interest in the attacking midfielder after Martin Odegaard confirmed he wouldn’t return and, of course, Emile Smith Rowe’s future is in the balance amid interest from Aston Villa.

The trouble for the Gunners, however, is that Isco is keen to play for a club which is competing in Europe.

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And while the Europa League Conference isn’t exit the level he would like to play at, the chance to play Premier League football as well could work in Tottenham ’s favour.

Serie A side Milan can offer Champions League football next season but sources close to Isco say a move to England seriously interests him.

Real had initially told Isco he was free to leave this summer but Ancelotti’s arrival delayed his exit and now a decision is hoped to be reached by Friday.

Isco will cost any interested party around £6million plus extras.