Kaka's future in Real is a mystery. The 2007 Golden Ball winner is drifting in a team that signed Mesut Oezil, Nuri Sahin, and Fabio Coentrao to bolster the midfield.
Jose Mourinho played him sparingly in the pre-season fixtures with the LA Galaxy as the only substantial outing. He came on for 13 minutes in the Super Cup second leg against Barca where he did little of consequence. In the meanwhile his €65m transfer fee and a yearly salary of €10m is a proving an albatross. Offloading him has become difficult and Milan ruled out a return move.
The rumours are a loan move to Arsenal could materialize as Wenger tries to introduce a spark of creativity in a midfield lacking Fabregas. For all the happy talk, Nasri is at best a short term bandaid.
Whether this has any traction is debatable. Kaka has been far, far short of his magnificent form for a number of years. He was MIA with athletic pubalgia which kept him out for a year and required surgical intervention. It's difficult to envision Kaka being match fit to play 90 minutes without risk of re-injuring himself. In addition, he's lost a lot of his quickness and ability to get through defenses.