Frankfurt sporting director Markus Krösche has already held talks with the player's representatives, per BILD. Spanish coach Albert Riera at Frankfurt is seen as an additional pull factor for a player who has primarily operated as a left-back but can also play centrally.
Valdepeñas made his senior Madrid debut in December against Deportivo Alavés under Xabi Alonso and was an unused substitute in the UEFA Youth League final win over Club Brugge. He has made 31 appearances for Castilla this season, scoring twice, and is a Spain youth international. He has not featured in any matchday squad under Álvaro Arbeloa for the first team.
His contract runs to 2029 and carries a €50 million release clause — recently inserted into his deal as standard protective practice. However, the actual asking price for a sale with a buy-back option is understood to be in the region of €5-8 million, consistent with the model Real Madrid used for Nico Paz and Jacobo Ramón to Como, and for Achraf Hakimi and Fran García before them.
Arsenal have been monitoring Valdepeñas for over a year. AC Milan cooled their interest in recent weeks, which has allowed Frankfurt to move to the front. Borussia Dortmund and Bayer Leverkusen had also enquired previously.
The deal structure Real Madrid will seek is the same in each case: a sale of approximately 50% of the player's economic rights, with a preferential buy-back option retained. If they exercise the option on a player who has increased in value, the return is significantly greater than the original exit fee. It is not a charity — it is a long-term asset management strategy, and Valdepeñas is the next name on the list.