The Germany international has been heavily linked with a return to Bundesliga after midfielder hinted that he is set to leave Real Madrid at the end of the season.
The 27-year-old, who was a team-mate of Gunners star Mesut Ozil at Bernabeu before the playmaker’s London switch in 2013, has been touted as a potential Arsenal and Chelsea target in recent months.
Schalke sporting director Heldt lifted the lid on the battle that the German side face to sign the World Cup winner in the summer transfer window.
“We are not the only club interested in signing Khedira,” Heldt told Sport Bild.
“Decisions on individual players do not depend on whether we get into the Champions League. As we have always done, we will assess whether a transfer of this calibre is even realistic.
“In the end, there are obvious things that speak to our advantage and other things that talk to other clubs’ advantage.”
Khedira has made just 17 appearances in all competitions for Los Blancos this season after falling out-of-favour under Real Madrid manager Carlo Anecelotti.
The Real Madrid midfielder has won La Liga, the Champions League and the Copa del Rey since moving to the Spanish capital from Stuttgart in 2010.
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