Real Madrid do not seem very keen on turning his loan deal into a permanent transfer, which means he is faced with a return to England.
Atletico Madrid and Sevilla have been mentioned as possible destinations, though neither of them seem keen to meet Arsenal's asking price. The Gunners, in turn, are not willing to offer another loan deal.
Amid the uncertainty, Reyes insistes he is focusing on Madrid's title challenge.
"I only think about the two games I have left and about winning the League, which is what I joined this team for in the first place," said Reyes during a press conference today, when asked about his future.
"I've said many times that I don't want to return to London, but I won't decide anything regarding my future until the League ends.
"There are teams interested in me, but I don't really want to know much about the whole issue until the very end because I want to stay focused.
"My agent's doing his work and I'm doing mine. I only wish I can stay in Spain."