The 23-year-old was considered available for transfer as Real Madrid looked to strengthen at centre-back, while Chelsea and Liverpool were among the clubs to show interest. A lucrative proposal also arrived from Turkey.
Asencio nevertheless chose to remain at the Santiago Bernabéu, convinced that his opportunity would eventually come.
That chance could now arrive after Dean Huijsen was sent off in the derby and Ibrahima Konaté's fitness remains a concern after the Liverpool defender was injured while on international duty with France.
Asencio has yet to play a minute this season but has already experienced a demanding period away from the pitch.
He was cleared in a case concerning the disclosure of secrets before subsequently becoming involved in an unrelated drink-driving incident. Asencio accepted the offence, was fined €14,400 and lost his driving licence for eight months.
José Mourinho was publicly critical of the situation.
“A player of Real Madrid is a player 24 hours a day, seven days a week and 12 months a year. Everything you do outside your professional life continues to damage the prestige of a club that is untouchable.”
Mourinho added: “Everyone makes mistakes, but accumulating mistakes is a different thing. I'm not happy.”
The Real Madrid coach had previously praised Asencio's professionalism, describing him as an “exemplary professional” and highlighting his commitment during his recovery from injury.
Asencio has since returned to training and is working towards regaining his place in the squad.
His physical condition remains an issue, with his recovery from a tibia problem being monitored and the possibility of surgery still to be determined.
He is one of the Real Madrid players yet to feature this season, alongside Thiago Pitarch and Andriy Lunin.
With Huijsen suspended and Konaté's condition uncertain, however, circumstances could finally give Asencio the opportunity he has been waiting for.