Newcastle manager Chris Hughton is hoping Xisco can secure a permanent deal with Racing Santander.
The Magpies misfit has spent the season on loan at Racing in the Primera Division, netting three goals in 23 appearances.
But he is a Newcastle player once more following the end of the Liga campaign and although Hughton insists the door is not shut for the striker, he admits a transfer may be agreed.
"He's our player again now because the Spanish season has finished but Xisco has shown his desire to go back to Spain on a permanent basis," he told the Newcastle Journal.
"I think he'd like to stay (at Racing Santander) and I think that is understandable because it hasn't really worked for him here.
"It is something we will now have to work on. We've not heard anything from Racing Santander yet about whether they want to keep him, but we obviously have to look for a solution now and we'll be contacting them.
"We will talk to Xisco and Racing Santander and look at the options that we have but if nothing is sorted out, then he will return to us for pre-season.
"We intend to do everything right and we will expect him back if for whatever reason a deal doesn't go through."
Xisco was signed above Kevin Keegan's head in a £5.7million move that helped prompt the former manager's exit, and has played just seven times for Newcastle, scoring once.