Reyes spent last season on-loan at Madrid from Arsenal, helping them to the Primera Liga title, and is eager to remain at the Bernabeu.
His agent Jesus Rodriguez de Moya said: "Reyes doesn´t want to return to London. If the logical steps are taken, Reyes will be a Madrid player next year. Arsenal are not asking for 20 million euros (£13.6million) but they are asking for a reasonable fee in accordance with what they paid to Sevilla. The negotiations are on the table."
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