Despite winning the La Liga and Champions League double in the 2021-22 season, Carlo Ancelotti's squad could still undergo a significant revamp this summer.
According to Marca, Asensio and Ceballos are the next two names facing the axe, with the two Spaniards both seen as expendable by Ancelotti.
Asensio competed with the likes of Rodrygo and Federico Valverde for starts on the right-hand side of the attack last term and ended the campaign with 12 goals and two assists from 42 outings in all competitions.
The 26-year-old hit double figures in goals in La Liga, but he only started 19 top-flight games and did not start any Champions League matches beyond the last-16 stage, being an unused substitute in the final against Liverpool.
Asensio's contract at the Bernabeu is also set to expire in 12 months' time, but Real will supposedly demand a fee of €10m (£8.6m) for the AC Milan and Arsenal-linked Spain international.
The former Arsenal loanee registered one assist in 18 appearances across all tournaments last season and only played 11 times in La Liga - starting two of them after recovering from a serious ankle injury.
Ceballos also played just 36 minutes of Real's triumphant Champions League campaign and sees his contract expire in the summer of 2023, leading to the expectation that he will leave for a cut-price fee in the current window.
Ancelotti is supposedly open to the idea of Ceballos remaining at the Bernabeu, but he will not prevent the 25-year-old from leaving as he aims to force his way into Spain's World Cup squad.
Asensio's fellow right-winger Rodrygo has also been linked with a surprise exit, and the 21-year-old has allegedly been identified as a potential replacement for Sadio Mane at Liverpool. body check tags ::