Julio Baptista insists he would only return to Real Madrid if he was given first team football.
The Brazilian is currently on loan at Emirates Stadium after arriving in a deal which saw Jose Antonio Reyes move in the opposite direction - also on loan.
The deal agreed at the time was that both transfers would become permanent at the end of the season.
However, there are major question marks over Real's interest in making Reyes's move permanent - especially given a reported price-tag of near £20 million, although Baptista is valued at over £12 million.
Reyes has always insisted he wants to stay in the Spanish capital, whilst Baptista again says staying at Arsenal would be his preferred option.
"If I have to return to Real Madrid, I am willing to do that," he said.
"But I will do it only if I can be useful to the team and get to show my worth to the club.
"If that does not happen then I am determined to continue at Arsenal.
"I feel the fans have still not seen the best of Julio Baptista.
"I have a lot to offer in England and with a little luck and no injuries I can play more."