The 31-year-old will discuss his future with the Blancos having returned on Wednesday, following a five-month lay-off with a groin injury
The ex-Liverpool playmaker is out of contract in the Spanish capital next summer, with former coach Jose Mourinho rumored to be keen on luring the 31-year-old to Chelsea.
But Alonso, who returned to first-team duties following a five-month absence for the 7-3 demolition of Sevilla on Wednesday, is hoping that his return to fitness can coincide with opening negotiations over extending his contract with the Blancos.
"Now is the moment to begin to talk to the club about my future," the Spaniard told Canal Plus.
"While I was not fit I did not feel up to talking. I have good communication with the club."
Alonso joined the Spanish giants in 2009 for a fee in the region of 35 million euros.