Ceballos helped Arsenal to win the FA Cup on Saturday, but is due to return to Real Madrid following the end of his loan at the Emirates Stadium.
Arsenal want to sign Ceballos on a new loan deal, but face competition from Betis, who are keen to re-sign the player they sold to Real Madrid in 2017.
They have been thorough in their preparation and, according to Seville-based daily Estadio Deportivo, have been in constant contact with Ceballos throughout the season.
Betis are keen to do what they can to secure a deal, but the jury is out on whether they can succeed.
Ceballos is set to enjoy Arsenal’s FA Cup win and take his time before deciding his future, with the Spaniard likely to hold talks with Real Madrid.
Los Blancos have the 23-year-old under contract at the Bernabeu for a further three years and are in a strong position to dictate his future.
He made 37 appearances for Arsenal over the course of the season and clocked the full 90 minutes against Chelsea at Wembley on Saturday.