The deep-lying playmaker is looking to move back to his homeland, but realises that a switch to Argentina is dependent upon the Spanish side's summer transfer plans
The 25-year-old joined Madrid from Boca in January 2007 but has struggled to cement a spot in the side and injuries in the past two seasons have forced him to the sidelines.
Gago also admitted that he finds it difficult to be isolated from his family and friends who remain in South America, and he told AS: "Boca Juniors is where I grew up and is like my second home.
"I know everybody at the club and really feel at home there. It is not easy for me that I am all alone here in Europe and I am eager to return to Argentina.
"We will have to look at my sporting options, but it looks as if I will stay in Europe for now. I have a great desire to return to Boca, though. I simply love the jersey and it is very hard to explain my feelings toward the club. It is not just my decision, as a lot depends on what Real Madrid want."
Gago's agent, Marcelo Lombilla, recently revealed that a return to Boca Juniors will not be easy, as the Buenos Aires side lack the financial resources to meet Madrid's demands, whereas several European sides appear to be ready to make an approach for the player.