On 2 September 2019, Areola returned to Spain when he joined Real Madrid on a season-long loan as part of a deal that saw Keylor Navas move in the opposite direction to PSG. He made his debut for the club on 25 September, starting in a 2–0 league win over Osasuna. However, he was predominantly used as a back-up option to first-choice goalkeeper Thibaut Courtois for the remainder of the campaign and made just nine appearances across all competitions, including four appearances during the league season, as Real won the 2019–20 La Liga title.