Chema left Real Madrid in the summer to join VfB Stuttgart in Germany, signing a permanent deal worth €3 million.
The contract includes a buy-back option that allows Real Madrid to reacquire Chema's services in the future.
According to sources, Real Madrid's management has been impressed by Chema's performance in the Bundesliga, where he has made an instant impact.
The club sees Chema as a potential replacement or backup for midfielder Aurelien Tchouameni for the upcoming season.