Real Madrid president Florentino Perez hopes Xabi Alonso will stay but insists he'll help the Spain international leave the club if that is what he wants to do.
The Bernabeu chief believes Alonso remains one of the club's best players.
Alonso - a reported January target for Liverpool and Chelsea - has been out of action since August with a fractured metatarsal but Perez hopes to have him back in the team by the first El Clasico of the season on October 26th.
"We hope he comes back before the Clasico," Perez told Punto Pelota. "This is one of our most important players.
"If he wants to stay at Madrid, he will. But if he thinks that his future lies elsewhere, I understand perfectly.
"This is a player who has given everything for Madrid and I will do my best to give him what he wants to achieve."
There's no indication Alonso wants to leave Madrid, but speculation has continued to link him with Liverpool and Chelsea due to his ongoing contract situation.
The Spain midfielder is yet to agree a new contract at the club - his current deal expires at the end of the season - which has prompted links with a return to the Premier League.
He enjoyed a hugely successful spell at Liverpool, winning the Champions League in 2005, and remains a fan favourite at Anfield.
But he also played some of his best football at Madrid under new Chelsea boss Jose Mourinho, and could be tempted to return to England to play under Mourinho at Stamford Bridge.