Cannavaro joined Madrid from Juventus following the Calciopoli crisis in 2006, signing a three year contract at the Santiago Bernabeu.
Although his form with Madrid has been mixed at times, Cannavaro has still helped lead the giants to two successive La Liga titles.
The defender, who turned 35 last month, sees his contract in the Spanish capital expire next summer, and it is highly possible he will then return to Italy, possibly with his beloved hometown club Napoli, who he represented from 1992 to 1995.
"I still have a year on my contract in Madrid and I have not talked to the leadership," said the Italy national team captain, who famously lifted the World Cup in 2006.
"There is always the desire to return to Napoli, the team of my city and of my heart."
A move to the San Paolo would see Cannavaro link up with his younger brother Paolo, who currently stars for the Partenopei.
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