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Canales can make a return to Racing if they match Valencia’s offer but this is highly unlikely.

Many have been wondering what’s taking the club so long to announce the signing of Sergio Canales. What’s going on is that their are a lot of documents that need to be signed by three parties (Valencia, Real Madrid and Canales’ former club Racing Santander).
According to a clause in Canales’ contract when he first signed for Real Madrid in the case of Real Madrid accepting a transfer or loan offer from another club for the player the documents need to be sent to Racing Santander who will then decide whether or not they will match the offer and if they do the player will move to Racing. Super Deporte will say that Racing will not match Valencia’s offer as Sergio wants to move to Valencia, but it’s part of his contract and must happen.
Early this afternoon Llorente, Real Madrid and Sergio’s agent Antonio Mendoza began exchanging the documents so that once they are signed they can be sent to Racing in the quickest possible time so that the move can finalise as soon as possible.