The Spanish youngster has been linked with a return to his homeland, but his agent Joseba Diaz insists he is happy at the Emirates Stadium as long as Arsene Wenger is in charge.
However, Real's sporting director Predrag Mijatovic has admitted the Spanish giants have been monitoring the youngster and would like to make him the second high-profile Gunners star to depart for Spain this summer following Thierry Henry's switch to Barcelona.
"Of course we are interested in Cesc," Mijatovic told Spanish newspaper Marca.
"We've been interested in him for over a year now and we are still interested.
"He is a great player and I expect all the big clubs will be interested."