The Brazil international has failed to make the grade at Old Trafford since joining from Porto in 2020 and was loaned out to Sevilla for the 2022-23 campaign.
Telles has been a regular fixture for the Palanganas during their troubled season, making 32 appearances across all tournaments and registering three assists in the process.
However, with World Cup winner Marcos Acuna also competing for minutes in Seville, Telles has been restricted to a mere 11 La Liga starts in the current campaign.
Acuna was also given the nod for both legs of Sevilla's Europa League quarter-final with Telles's parent club Man United, as the former Porto man played just five minutes of that 5-2 aggregate win in the second leg.
Sevilla do not have an option to make Telles's deal permanent at the end of the campaign, and the 30-year-old is therefore poised to return to Old Trafford for the pre-season period.
However, with Luke Shaw and Tyrell Malacia already on the books at Man United, Telles should be allowed to leave in the coming months before he enters the final year of his contract, which expires in 2024.
According to AS, Al-Nassr have emerged as contenders to sign the out-of-favour defender in the upcoming window, and Ronaldo would be keen to link up with his former teammate in Saudi Arabia.
Telles's extortionate wage will apparently scupper his chances of joining Sevilla permanently, but Al-Nassr would have no problem bowing to his financial demands.
It is unclear if Telles has any desire to leave Europe, though, as he remains a key part of Brazil's plans and may fear losing his place in the national team setup with a move to Saudi Arabia.
Turkish giants Galatasaray could try to reunite with Telles, who represented the Super Lig side between 2014 and 2016 - including a loan spell at Inter Milan in his second season - before leaving to join Porto on a permanent basis.
Man United paid just €15m (£13.2m) to sign Telles from Porto in the summer of 2020, and the Brazilian has registered one goal and eight assists from 50 games for the Red Devils since.
Telles made 18 Premier League starts in the 2021-22 season, setting up four goals in the process and playing the full 90 in each of his side's final five top-flight games, although Man United only won one of them.
The Brazil international will likely be one of several Man United defenders to exit the club this summer, with Phil Jones, Axel Tuanzebe and Eric Bailly more or less guaranteed to leave.
The futures of Harry Maguire, Victor Lindelof and Brandon Williams are also clouded in uncertainty, although the Red Devils are supposedly planning to activate an extension in Lindelof's contract.