Zaragoza never established himself under Thomas Tuchel at Bayern, and loan spells at Granada, Osasuna and Celta Vigo since have swung between promising and forgettable without ever convincing the club he had a long-term future at the Allianz Arena.
Despite the mixed run of results in Spain, the 24-year-old has made clear he wants a permanent return to his home country. According to Mundo Deportivo, that could mean a move to either Deportivo Alavés or Espanyol Barcelona, with both clubs continuing to show interest without yet turning it into anything concrete.
Sevilla, previously credited with interest, are no longer thought to be pursuing the winger.
Bayern Munich signed Zaragoza from Granada for around €13m in January 2024 after a brilliant first half of that season in Spain, but he has since drifted between clubs without settling anywhere, managing only sporadic returns during loans that took in Osasuna and Celta Vigo, as well as time out with Roma.
A move to Saudi Arabia also remains a possibility, and Zaragoza would consider any offer that arrived from the region, weighing up his options while still uncertain, at this stage, where he will play next season.
Zaragoza is one of a trio of players Bayern sporting director Max Eberl has openly said he would like to move off the club's wage bill this summer, alongside João Palhinha and Sacha Boey, none of whom are seen as part of Vincent Kompany's plans going forward.
That situation is complicated by Zaragoza's contract, which reportedly allows him to earn up to €8.5m a season including bonuses through to 2029, giving the player and his representatives every reason to be selective about his next move, even if other reports in Spain have put his basic salary closer to €4m a year.
According to Bild, though, the winger has no intention of simply sitting out his deal in Munich and wants to reignite his career on the pitch, which is why his agents are said to be working hard to complete a transfer before the window closes on 1 September.