The winger, who joined Los Blancos from Benfica last summer in a €25million deal, still has another five years left on his existing deal at the Bernabeu.
But the 23-year-old, who insists he is happy in the Spanish capital, is looking for improved terms on his contract.
He told Radio La Red: "I am very pleased and happy after my season. I am now eager for a contract renewal because I was promised that if things went well, I would receive a new deal.
"I am very happy in Madrid and eager to renew before the Copa America if possible."
Of his first season in La Liga, he added: "I never expected to have such a good season in the league. I am very happy because I have grown a lot in Madrid.
"With the confidence of the coach I made big improvements and he helped me to let go and enjoy more freedom."
"I am really hoping the contract situation can be done as quickly as possible, but I am calm and I am waiting to see what happens."
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