Real Madrid plan to extend Marco Asensio's contract until 2023, insert €500m release clause

Real Madrid's new star Marco Asensio is set to be offered a fresh deal at the Santiago Bernabeu.

Spanish newspaper Marca claims the Champions League and the La Liga winners' president Florentino Perez wants to increase Asensio's release clause and also his wages at the club. His current deal at the Spanish capital club runs down in 2022 and Real wants to extend his contract until 2023 and insert a €500m (£458.3m, $588m) release clause.

The attacking midfielder is currently earning around €3.5m per year (£3.2m, $4.1m) with his current employers. The new deal will see Asensio earn around €4.5m per year (£4.1m, $5.3m) at Real.

Toni Kroos, Luka Modric and Dani Ceballos have a release clause of €500m in their contracts. Aseniso is set to join the trio at the club, who will have the same buyout clause. They will be behind the likes of Cristiano Ronaldo, Gareth Bale and Karim Benzema in terms of having a better clause at Real.

The 21-year-old was signed by the Champions League and the La Liga winners from Mallorca in 2014. The European champions' president Perez used the help of tennis star Rafael Nadal in signing the attacker.

Asensio scored twice against Barcelona as Real went on to defeat the Catalan club 5-1 on aggregate in the Spanish Super Cup. He impressed for Zinedine Zidane's last term and scored in the 2016 Uefa Super Cup against Sevilla and was on the scoresheet in his side's 4-1 victory over Juventus in the Champions League final in June.

The Spain international's form has seen him attract interest from the top clubs across Europe. According to the Mirror, Arsenal, along with Barcelona and their league rivals Manchester United, Manchester City and Liverpool are all interested in signing him.

Arsene Wenger's side were keen on triggering his release clause as the north London club wanted to bring Asensio to the Emirates Stadium. However, with an improved release clause of €500m, it would be an uphill task for any other clubs to make an approach to sign the Real star.