The midfielder has been strongly linked with a move to Tottenham, but he is keen to stay at the Santiago Bernabeu after breaking into the team
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The attacking midfielder recently suggested he might have to leave the Bernabeu in order to secure regular first-team football elsewhere, but he has developed into a key figure for Madrid again in recent weeks.
The 24-year-old is delighted with his new role and hopes to reach an agreement over a renewal sooner rather than later, with his existing contract due to expire in 2018.
"I still have one-and-a-half years left on my current contract," Isco, who has been repeatedly linked with a move to Tottenham, told reporters.
"But the club and I are both keen to renew. I hope we can sort something out.
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"I am getting regular playing time now and I am happy to be able to help the team."
Isco has made nine LaLiga appearances this term - starting their last six games - and has two goals to his name.