The loan appears to have no official clauses regarding any future considerations, be that an option or an obligation to make the move permanent, which is a bit surprising as well. But I suppose we figured that Kepa's potential value won't change much between now and after a year in the Spanish capital and one of the highest profile teams in the world.
Kepa Arrizabalaga has completed a season-long loan move to Real Madrid. ✍️— Chelsea FC (@ChelseaFC) August 14, 2023
Just like at Chelsea back in 2018, Kepa will take the reins from Thibaut Courtois, though this time not because of any transfer shenanigans, but rather because of an ACL injury to our former Premier League-winner. Incidentally, Kepa almost became a Madrid player six months prior to all that drama five years ago.
In any case, good luck, Kepa! Say hi to Carlo and Toni for us!
(Chelsea will be expected to sign a new deputy as well, to Robert Sánchez, who made an effective debut last night.)