The 19-year-old has impressed since breaking into the Real Betis first-team set-up and helped secure a return to the top flight last season.
The creative midfield talent has been dubbed the ‘Next Cesc Fabregas’ (via the Daily Star) and the Daily Mirror reports the teenager has a £7.5m release clause written into his contract.
Ceballos has already been capped three times at Under 21 level and is rightly considered one of Spain’s hottest prospects.
Both Arsene Wenger and Brendan Rodgers have developed reputations for trusting in youth, and if Ceballos is to leave Real Betis, then a move to either Premier League side could tempt the youngster.
The Daily Mirror points out that Ceballos has less than a year to run on his current contract, and also point out that Real Betis may elect to accept a cut-price offer for the player over the possibility of losing him for nothing next summer.
Ceballos made 35 appearances in all competitions last season and has started both Real Betis’s La Liga fixtures this term.