Spain international Ceballos joined Madrid in 2017 after emerging as one of LaLiga's most promising talents at Real Betis, but he struggled to secure regular football under Zinedine Zidane.
After Zidane's departure, Ceballos began to play more regularly for Julen Lopetegui and Santiago Solari, but that did not continue when the Frenchman returned in March.
He was allowed to leave for Arsenal on loan and has shown flashes of his ability in London, with Gunners fans quickly taking to the playmaker.
Though it seems they should not get used to his presence, as he still sees his long-term future at the Santiago Bernabeu.
"When I don't play, I don't enjoy myself," he told Radio Marca. "These two years [at Real Madrid] I've learned a lot from the club, but now I'm enjoying it [football].
"I knew it was an important year, the coach has doubts and he who doesn't play doesn't go [to Euro 2020], so it was a good time to go on loan.
"With [Arsenal coach Unai] Emery's confidence I may have many chances to be in the Euros squad.
"I never thought about going permanently. My goal is to succeed at Real Madrid. I will fight to fulfil my dream."
Martin Odegaard is another Madrid-owned player thriving on loan this season, with his performances at Real Sociedad marking him out as one of LaLiga's standout stars in 2019-20.
Ceballos has consequently come to the conclusion it might be a good season to be away from Los Blancos.
"You're seeing that maybe it wasn't the year to play for Real Madrid," he added. "It has been a very successful decision [for Odegaard], he has a lot of room for improvement.
"From now to the next few years, he will be a very important player for Real Madrid."
Euro 2020 is not the only international tournament Ceballos hopes of featuring in over the next year, as he will do everything he can to get Madrid to approve his decision to play at the 2020 Olympic Games in Tokyo.
"It's something that I may not play in my life again," Ceballos said. "I would put my dream on the table to the club.
"I have spoken with people from the [Royal Spanish Football] Federation who know that I would like to go, I would be delighted. I want to go to the Olympics and to the Euros.
"There are two tournaments that demand a lot of responsibility. I don't care if I don't have a holiday. I'm 23 years old and I'll rest when I'm older."