Real Madrid and Isco Alarcon have 24 hours to decide what will happen with the Spanish midfielder. It seemed that the transfer windows was going to close quietly, but Isco's inner circle wants to see him playing relevant minutes elsewhere and that could make him accept Tottenham's offer, given that Real Madrid will accept the player's decision.
Rumors suggested that Malaga are interested in Isco, but the Andalusian club doesn't have what it takes to sign him away from Madrid and the player himself would rather join a bigger club.
Either way, if Isco ends up leaving Madrid —something quite unlikely as things stand right now— it could be on a loan deal unless Tottenham decide to spend big on a permanent transfer.
It's also true that a loan could help Isco, who will most likely be on the bench most of the time. Isco could finally have a breakout season with the minutes he needs, so that's surely why the player is now considering a move away from the Bernabeu.