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Paulo Iago has informed Real Madrid that he wants to leave and is waiting for an offer from another club.

The 17-year-old is regarded as one of the most promising youth players in Madrid's academy and was demanding a more prominent role at the club.

Iago signed a new two-year deal last year, and The Athletic reported in May that while Madrid were in talks about a new contract for the attacking midfielder, doubts had emerged on both sides over whether agreement would be reached.

During the renewal negotiations, he has not been convinced and his agents are now looking for a new destination for him.

As he is not yet 18, the possibility of joining a Premier League team or academy is not possible due to the post-Brexit player trading regulations. He is also not expected to join another team in Spain.

There is currently nothing advanced with another club, but Iago has attracted interest from a number of teams in Europe.

One possibility being considered is that Iago could be sold with a buy-back option — a formula that has been recently utilised with other players, such as Alex Jimenez, who was sold to AC Milan, as reported yesterday by The Athletic.

Iago's current contract with Madrid expires in 2025, but this form of deal would allow the club to keep control of him at a later date.

When the Spain youth international signed a new two-year contract last year, he had been offered a three-year deal, and that was seen by Madrid as a sign that there were serious doubts about his development at the club.

Reporting from Guillermo Rai and Mario Cortegana Santos