The 25-year-old midfielder has failed to establish himself at the Spanish champions and has found himself out on loan for the past two seasons.
Drenthe has spent this term at Everton and, despite impressing in patches, his time on Merseyside has been soured after he was dropped for the FA Cup semi-final with Liverpool due to disciplinary reasons and has not been picked since.
With his future now up in the air Drenthe has admitted he wants to return to his home-town club Feyenoord, who have qualified for the Champions League, claiming he would even call them to initiate a move.
"I want to do what I like and that's play football. In addition Rotterdam is my city," he told RTV Rijnmond.
"Feyenoord have not called me yet, but of course I would not mind if they did.
"Maybe I'll call them myself."
Drenthe left Feyenoord for Madrid in 2007, joining alongside fellow Holland international Wesley Sneijder, for a reported fee of 14 million euros.
He spent last season on loan at Spanish side Hercules, who were relegated, before scoring four goals and providing seven assists in 27 appearances for Everton this term.