The Spanish giants have already completed what is expected to be their only January move, sanctioning Endrick Felipe's exit on loan.

That decision sparked speculation that Mastantuono could follow a similar path, particularly after his role diminished in recent weeks. However, club officials have been clear that the 18-year-old Argentine is not going anywhere.

Napoli were the most concrete suitors. Facing a midfield injury crisis that has sidelined Kevin De Bruyne, Andre-Frank Zambo Anguissa and Billy Gilmour, the Serie A side explored the possibility of bringing Mastantuono in on loan until the end of the season. With financial restrictions forcing them to prioritise temporary deals, the Partenopei viewed the Real Madrid youngster as an ideal solution. Their approach was swiftly rejected.

Mastantuono's reduced involvement has largely been attributed to physical issues rather than a loss of faith. A bout of pubalgia kept him out for over a month, disrupting the momentum he had built after arriving from River Plate in a 60 million euro deal last summer. Since returning, he has found himself competing in a more crowded pecking order, with Rodrygo's resurgence, Federico Valverde's versatility and a tactical reshuffle following Jude Bellingham's comeback limiting his minutes.

Despite this, Real remain convinced that Mastantuono is a key part of both their present and future. Internally, the club believes keeping him in Madrid is crucial for his adaptation to European football, even if his game time fluctuates during the second half of the season. Xabi Alonso is expected to rotate heavily across competitions, which should provide opportunities for the teenager to re-establish himself.

Regular football is also important for Mastantuono on a personal level, as he eyes a place in Argentina's squad for the 2026 World Cup. While a loan move might have offered immediate minutes, Los Blancos' stance underlines their confidence that he can still make a meaningful impact in white this season.

For now, Napoli and other interested clubs have been told to look elsewhere, with the 15-time European champions determined to keep one of their most highly rated prospects at the club.

Real Madrid boss Carlo Ancelotti rules out any more signings