Juanmi has found opportunities hard to come by on the South Coast with Graziano Pelle, Shane Long and Charlie Austin all above him in the pecking order at St Mary's.
He is yet to find the net for Southampton and has just seven premier league appearances to his name since signing from Malaga for a reported fee of €7 million last summer.
Speaking with Spanish sports paper AS, La Real's President Jokin Aperribay confirmed that "there have been talks between the club and the player", but noted that it would be a matter of time before it became clear whether these discussions will "bear fruit".
International pedigree could attract further suitors
Should Real Sociedad fail in their attempts to bring the diminutive forward back to his native country, Saints would likely expect further interest in Juanmi's signature despite his lacklustre first year in England.
He made his senior international debut for Spain earlier this season as he started in a friendly defeat to The Netherlands at the end of March. He started before being replaced by Juventus forward Alvaro Morata in a 2-0 defeat to the Dutch in Amsterdam.
Previous to that, he has made a considerable number of international appearances at various youth levels, and has two European Under-19 Championships titles to his name from 2011 and 2012.
Long on form as Saints dream of Europe
The late-season form of Shane Long means that Juanmi is unlikely to find himself presented with another Premier League start before the end of this campaign, and Football Espana have suggested that his poor form has left him unhappy in Southampton.