The academy graduate has spent the past eight years in the first team, making a total of 294 appearances in all competitions.
With less than 12 months left on his contract and six months short of his 30th birthday, Carvajal may have been interested in taking on a new challenge.
However, El Partidazo de COPE claims that Los Blancos and the Spain international have reached an agreement over a new deal.
The report says that Carvajal is willing to pen a two-year extension, keeping him at the Bernabeu until the end of the 2023-24 campaign.
Injury restricted Carvajal to just 13 appearances in La Liga last season. body check tags ::