Callejon has seen his chances at Real Madrid diminished by their signing of Isco from Malaga.
The youngster will join Napoli for a fee of €10 million, according to reports.
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Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.
Newcastle United are staring down the barrel of relegation to the Championship for the second time in the past eight years.