Even though Kepa has returned to Chelsea, there is still a possibility that he will be signed permanently by Real Madrid. The reason is that it is rumored that Lunin will leave if he doesn't get the main place, but it seems impossible considering that Courtois has recovered from injury. Therefore, the biggest possibility is that if Lunin leaves, Kepa will be replaced by Courtois at Real Madrid.
Real Madrid is still waiting for Lunin to sign a new contract but this player seems hesitant because Real Madrid only uses him as a backup goalkeeper. In fact, he just needs to wait until Thibaut Courtois leaves. He is already 32 years old and his contract will end in 2026 when he gets older. Real Madrid will definitely immediately sold it and this was a good opportunity for Andriy Lunin to fill the main place.
Real Madrid doesn't have much time for his contract before expire until next season. If he isn't sold immediately, he will be a free agent and Real Madrid doesn't want to just lose out. Apart from that, Real Madrid also needs to prepare itself to look for a new goalkeeper.
Source :
https://www.goal.com/id/register/andriy-lunin-real-madrid-espanyol-joan-garcia-la-liga/blt3f0cb72348c49e56#cs26b53a5321493f79However, if this doesn't happen, then Kepa's move to the Saudi pro league will be wide open and maybe he can live in peace after having a good season with Real Madrid, even if it's only for one season. He is certainly not very comfortable at Chelsea because he is starting to be left out of the club's planning structure so the offer from Al-Ittihad is really worth considering. I think Al-Ittihad will get a very good goalkeeper and they can be calmer about the threat of conceding goals if they have a goalkeeper like Kepa.
However, Al Ittihad has not yet received a definite agreement regarding the goalkeeper, so we'll just have to wait and see what the latest news is, Real Madrid is also actually interested in the goalkeeper considering he also performed well at Real Madrid last season.