The 28-year-old, who is contracted at Madrid until 2022, has struggled for game time, making just three league starts so far this season.
His agent and father, Francisco Alarcon, said Isco was seeking a move, but would have no problems staying at Madrid.
"Right now, we have no offers, but Isco wants to try another league," he told Cadena SER on Monday.
He added: "Staying in Madrid would not be a problem."
Isco has won two LaLiga titles and four Champions Leagues among numerous other trophies since joining Madrid from Malaga.
However, he last made at least 20 league starts in a single campaign in 2017-18.