The 20-year-old attacker was loaned out to French side Lyon for the second half of last season as he struggled for regular minutes at Real Madrid under Xabi Alonso and Alvaro Arbeloa.
Endrick impressed in his time in France, scoring eight goals and providing eight assists in his 21 games across all competitions, before heading back to Madrid in June for pre-season.
Liverpool reached out over a loan package for the full 2026/27 season, but that was rejected, as Jose Mourinho wanted to assess him on his return from injury.
AC Milan are also reportedly considering an offer at the start of the year and Arsenal are said to be monitoring the situation, with Endrick only playing four minutes for Mourinho following his return from injury.
Mikel Arteta wants to bring in at least one more attacker after seeing Gabriel Jesus, Gabriel Martinelli and Leandro Trossard depart in the summer.