Ceballos, after shining in the European Under-21 Championships and inspiring Spain to victory, is eager for increased playing time next season.
And Real had conceded he would require a loan with minutes likely to be limited under Zinedine Zidane next season.
Unai Emery appeared set to sign Ceballos on loan, but after Asensio suffered what appears to be an ACL injury and a probable nine-month absence, Emery concedes the agreement could be jeopardised.
“I don’t know (if the injury will affect our deal for Ceballos),” Emery said after Arsenal lost on penalties following the 2-2 draw.
“Our target also was not to take injuries in that match, and they maybe have with Asensio.
“It [could be] bad news, for them and also for us. I don’t know if it can change something.”
While Zinedine Zidane would not be moved on the injury at such an early stage.
“It has nothing to do with one thing. We are all touched by Marco, hopefully as little as possible, just that,” said Zidane.
“We’re a little worried (by Asensio). It’s the knee. He went straight to the hospital to get tested and see.
“But it looks bad. It’s the bad thing of the day for us. because we lose a player and we are a little touched, yes.”
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