Manuel Canabal is Real Madrid property for some time now. I can't actually remember if he's ever played for us though. like you said last year he was loaned out to Alaves and he played OK, scored a couple and so we decided to loan him out again, this time to Rayo. He has really played well there and together with the loaned out Bolo (Athletic) have been the best scorers. Personally I don't fancy his chances at Real next season or ever for that matter, but it's confirmed he is heading back to the Bernabeu for the moment at least. What will happen with him next season is still a question mark?