Zinedine Zidane has overseen a huge spending spree so far this summer, bringing in Eden Hazard, Luka Jovic, Eder Militao, Ferland Mendy and Rodrygo Goes for over £250m.
Madrid continue to be linked with Manchester United midfielder Paul Pogba, but they would need to sell some of their fringe players before they can buy anyone else.
Ceballos is among those who could leave the Santiago Bernabeu this summer, although Madrid will not accept any bids below €50m.
Spurs have shown an interest in the Spanish midfielder, with Mauricio Pochettino keen to bring him to north London.
Ceballos has four years left on his Madrid contract and would prefer a loan move, but his club favour a permanent transfer.
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