The 25-year-old began his career in his native Ukraine before joining Los Blancos from Zorya Luhansk in 2018 for an initial €8.5m.
Lunin has primarily operated as a backup goalkeeper to first-choice shot-stopper Thibaut Courtois, and has subsequently made only 48 first-team appearances in all competitions over the last six seasons.
However, Lunin enjoyed his most productive season at the Santiago Bernabeu in 2023-24, due to a serious knee injury sustained by Courtois - sidelining him for nine months - and played 31 times between the sticks, keeping 12 clean sheets.
Lunin made 21 La Liga appearances to help Real Madrid win the title, while he also featured eight times in the club's triumphant Champions League campaign, although he was benched for the 2-0 win over Borussia Dortmund in the final.
Liverpool, Arsenal keeping tabs on Lunin
Having now entered the final year of his contract in the Spanish capital, Lunin has been the subject of much speculation in recent weeks, with a number of club believed to be monitoring his situation.
According to Spanish news outlet Sport, via CaughtOffside, Liverpool have made contact regarding a summer swoop for the 6ft 3in goalkeeper.
The Reds are believed to be keen to recruit at least one new shot-stopper this summer if they decide to part ways with either or both of Alisson Becker and Caoimhin Kelleher, the former of whom has been linked with clubs in Saudi Arabia.
Arsenal, meanwhile, are understood to have identified Lunin as a potential replacement for Aaron Ramsdale, who is expected to leave the Emirates Stadium this summer in search of regular first-team football.
Lunin future remains up in the air
After representing Ukraine at Euro 2024, Lunin has since addressed his future at Real Madrid, admitting that the Spanish giants will ultimately decide whether he should stay or leave.
Asked about his future during an interview with Marca, Lunin said: "We'll see, we'll see... We will know in just a little bit of time."
Pressed on whether he wants to stay at Real Madrid, he said: "Of course, but... The only thing I can say is that everything was going the right way about me staying and now the ball is on Real Madrid's court. That's all I can say about my future. It's all in their hands now."
It remains unknown as to whether Lunin would be interested by the prospect of moving to the Premier League or any other league outside of Spain, but he has revealed that he was a supporter of one English club growing up.
"When I was a kid, I supported Manchester United for Cristiano Ronaldo, and Real Madrid for Iker Casillas," said Lunin. "Then, when Cristiano joined Madrid, I only supported Real Madrid."
As well as Lunin, Real Madrid are set to weigh up whether to re-sign goalkeeper Kepa Arrizabalaga who spent last season on loan from Chelsea.