The winger moved to the Serie A club from Bayern Munich after cutting short a previous loan stint at Celta Vigo, where he had started to rediscover form.
However, the move has failed to deliver regular football.
After a handful of appearances early on, Zaragoza quickly disappeared from Roma’s matchday plans and has not featured in recent weeks.
Italian reports now claim his departure is effectively agreed, with AS Roma planning several squad changes this summer.
The Spain international had hoped the move would boost his chances of making the World Cup squad, but the lack of minutes has instead created fresh uncertainty over his future.
Still only 24, Zaragoza remains highly regarded and is expected to attract interest once his next move becomes clear.
A return to Spain could now be the most likely outcome.