Kepa Arrizabalaga is on a season-long loan at Real Madrid after leaving Chelsea in August, but his future is uncertain. The 29-year-old hoped to turn his loan move permanent at the Santiago Bernabeu, but he’s since fallen out of favour.
And it doesn’t seem likely that Chelsea will welcome him back as they’re selling any valuable asset. Todd Boehly wants to stay in line with Financial Fair Play after Everton were deducted points.
Kepa has no future at Chelsea or Real Madrid, so where will he end up?
Real Madrid dream crumbling

Kepa joined Real as cover for the injured Thibaut Courtois and was a regular for three months. He featured in 10 of Los Blancos first 11 Liga games this season before picking up an injury himself.
Since returning, Kepa has lost his place in the starting lineup to Andriy Lunin. The 29-year-old has made only two league appearances from a possible nine, so his future in Madrid is uncertain.
According to Defensa Central, Real have been offered Kepa permanently for €15m (£12.8m), but might they say no? Courtois’ return from injury could see Kepa pushed to the No.3 spot, so he won’t be making the matchday squad. Real surely wouldn’t want him to stay beyond 2023/24 if that was to happen.
No place for Kepa at Chelsea?

Should Real turn down Kepa, resulting in him returning to Chelsea, he won’t be welcome in London either. The Spanish international hasn’t made an appearance for the Blues since May 2023, losing his place to Robert Sanchez.
Kepa’s form has been inconsistent with Chelsea, so they’d likely prefer to cash in while he still has value. The 29-year-old earns £150k-per-week/£7.8m-a-year at Chelsea, so his departure would free up a lot of funds.
Finding a suitor might prove difficult, however, as it needs to be a club looking for a shot-stopper. Real prefer Lunin over the Spaniard and have Courtois to return, so they’re likely to pass. And another club might deem Kepa’s wages too steep to warrant paying. His contract is up next year, so a move has to happen soon, to avoid Chelsea losing him for free.
Time will tell where.