The winger joined the club from Mallorca on a six-year deal in December last year but will spend this season on loan
Real Madrid have sent highly-rated winger Marco Asensio on loan to Espanyol until the end of the season.
The 19-year-old moved to the Bernabeu from Mallorca on a six-year deal in December before being immediately loaned back to his former club for the remainder of the 2014-15 campaign.
Asensio scored six goals in 36 Segunda Division appearances for Mallorca last term.
The move to Espanyol will allow Asensio time to adapt to life in La Liga as he bids to eventually break into Madrid’s first team.