Nacho Fernández has been left out of Real Madrid's squad lists ever since Zidane took over. The Spanish defender has always been a role player but one whose versatility allowed him to be on the bench at all times. He can play anywhere on the defensive line but Zidane would rather have other players on his bench.
AS Roma and Napoli would be interested in signing Nacho away from Real, according to AS. Roma have even offered around €8 million for his signing, per COPE, but Madrid refuse to let him go that easily now that the FIFA ban has hit the Spanish capital. Things could change in the summer, when Vallejo and Diego Llorente return to the club after their loan deals.
Nacho would also need a very good offer to leave his lifelong club. It's not clear whether he would be a starter or just another bench player in Roma and Naples, so his departure doesn't seem very likely as things stand right now.