After two disappointing years at the Bernabeu, the Serbian international has been banned from playing for only six players until Carlo Ancelotti this season.
Hoping that at least one of Kylian Mbappe or Erling Haaland will join the club next year, the 23-year-old really has no long-term future.
According to Fichajes.net, Luka Jovic is determined to find a new club as soon as possible to start his career.
Any clubs interested in the attacker will likely be happy with the loan deal in the middle of the campaign, a choice Real will have to consider if their £ 54m signings is to get another form.
At the time that Alexandre Lacazette is expected to leave the Emirates Stadium, Arsenal manager Mikel Arteta is said to be looking at Jovic as a possible replacement.