The Spaniard saw his contract with Los Blancos expire at the end of June, and he is therefore seeking a new club for the 2022-23 campaign.
According to Goal, Isco is keen to remain in Spain, and Sevilla are showing a strong interest in the playmaker, with the club's head coach Julen Lopetegui a huge fan of the 30-year-old.
Isco, who would allegedly have to reduce his wage demands in order to move to Estadio Ramon, represented Real Madrid between 2013 and 2022, making 353 appearances for the capital giants.
Meanwhile, according to Gazzetta dello Sport, Villarreal centre-back Pau Torres has told his agents to open transfer talks with Juventus.
The Spain international was again in strong form for the Yellow Submarine during the 2021-22 campaign, and Manchester United have been strongly linked with the defender.
The Red Devils have now switched their attention to Lisandro Martinez, though, with the Argentine believed to be on the verge of making the move to Old Trafford.
According to Gazzetta dello Sport, Torres has told his agents to open talks with Juventus, as the Italian giants have now made a move to bring the defender to Turin.
Elsewhere, former Man United striker Edinson Cavani is said to be in discussions with Monza over a return to Italy this summer.
The 35-year-old left the 20-time English champions on a free transfer at the end of June, and it has been widely reported that he wants to move to Spain for the 2022-23 campaign.
However, according to Sky Italia, Monza director Adriano Galliani has made contact with Cavani's representatives to discuss a potential move to Italy.
Monza have been promoted to Serie A for the 2022-23 campaign and are believed to be determined to sign the Uruguay international, who has previously played in Italy's top flight for Napoli and Palermo.
Meanwhile, AC Milan are allegedly preparing to offer Rafael Leao a new contract amid suggestions that Chelsea are keen to sign him during this summer's transfer window.
The 22-year-old enjoyed an impressive 2021-22 campaign for Milan, scoring 14 goals and registering 12 assists in 42 appearances in all competitions.
A number of clubs, including Chelsea and Real Madrid, have been linked with the Portugal international, who only has two years left to run on his current deal.
According to Gazzetta dello Sport, Milan are planning to offer the attacker a new long-term deal, and he is keen to remain at San Siro despite interest from some of the biggest clubs in Europe.