The playmaker will end his time at Real Madrid on June 30.
After winning the Copa del Rey on Saturday night, Real Betis are waiting for Isco.
Coach Manuel Pellegrini believes the Real Madrid midfielder can still give a lot on the pitch and has called for his signature to reinforce Betis ahead of the 2022/23 campaign.
Talks have already begun and everything depends on Betis achieving a place in next season's Champions League.
Isco wants to prove that he is still ready for the top level and his starting point is to take part in Europe's premier club competition.
It will not be easy for Los Verdiblancos, but they are in the fight to pull off the deal and have five games ahead to achieve the objective, which would allow them to take a step forward in reinforcing the squad with Isco and other Champions League-level players.
The slip-up against Elche has reduced Betis' chances, but with the Copa del Rey final behind them, all they have on the horizon is a top-four finish.
The Copa del Rey triumph at Estadio de la Cartuja is sure to help Isco's chances of opting to join Betis.
The financial offer that Betis have made for him is significant and would place him among the three best-paid players in the squad, as well as guaranteeing him two seasons on his contract.
But Isco's main aim is to continue playing in a team with European ambitions, which applies to Betis, pending what happens in the last five matches of the LaLiga Santander season.
For weeks there has been talk that Isco's future lies with Sevilla, as Julen Lopetegui knows the playmaker from Spain's under-21s, the senior national team and Real Madrid.
However, the one who has insisted the most is Pellegrini, with whom he coincided for two seasons at the Malaga side that took Europe by storm.
Isco grew up with the Chilean and sees the coach as an ally to make him feel important again.
What is clear is that the 30-year-old will end his time as a Real Madrid player on June 30, 2022 and leave on a free transfer.
His commitment to Real Madrid, which began in the summer of 2013, will no longer be extended.
Isco's participation in the team has been diminishing as the seasons have gone by, but that does not mean that the player no longer has ambitions to return to the top or at least get closer to it.
After an appearance in January, the reality is that Isco's appearances have been minimal.
He has played in just 12 league games, of which he was starter in only one - against Granada.
The rest have been sporadic appearances without continuity, and it means he has played a measly 275 minutes in the league.
It is true that Isco has had various physical problems, but the issue has been more footballing than anything else, as shown by the fact that he is yet to play in the Champions League this season.
Last season with Zinedine Zidane he reached 1,000 minutes, but always without a starting line-up.
Ancelotti and Isco have kept their distance, with the Italian monitoring the Spaniard's developments and training.
Several teams made enquiries last summer, but the player was hoping to remain important at Real Madrid.
He has not succeeded, however, and the time has come to put an end to nine years at the club.
Betis and Pellegrini are waiting for Isco with open arms.
Isco, like many players, congratulated Joaquin Sanchez on winning the Copa del Rey with Betis.
He did so via Instagram, leaving a photo in which the Betis captain could be seen lifting the trophy.