Gareth Bale's proposed move to China is OFF and he will be staying at Real Madrid, according to BBC Correspondent David Ornstein.
It is also understood Real Madrid called the deal off, possibly due to Asensio's season-ending injury.
It had been widely reported that the forward would join Jiangsu Suning in a deal which would see Bale earn an eye-watering €1m per week - doubling his current salary.
Bale is not part of Zinedine Zidane’s plans at the Bernabeu, while the Madrid fans have turned on him.
He has three years remaining on his Madrid contract and his hefty wage bill means that he has no strong desire to exit the club this summer despite the wishes of the hierarchy in the Spanish capital.
Bale scored 14 goals with six assists in 42 competitive games last season.
Jiangsu Suning, who also 70% ownership of Italian club Inter, are one of Chinese football’s richest clubs but a 100% tax exists on foreign arrivals which could hamper any deal.