Real Madrid shelled out £17.5m to land the promising midfielder from Real Betis during the summer, beating the north London duo to his signature.
However, he has struggled to make a mark on the first team and has started just two LaLiga games since the move.
It has been reported that both Arsenal and Spurs are keeping tabs on the situation and could be about to reignite their interest in the 21-year-old starlet in time for the January sales.
But according to Il Posticipo, Roma are a step ahead of the chasing pack and are already working on an offer for Ceballos.