With Thibaut Courtois and Keylor Navas both still in the squad for Zinedine Zidane, chances of seeing the field for Los Blancos this season were slim for the 20-year-old.
Luca Zidane, the son of manager Zinedine and a goalkeeper himself, was also sent out on loan by Real Madrid this season, making it unlikely that Navas, who has been linked with a move to AC Milan, will leave the club this summer.
He was expected to return to the club and serve as an understudy to Courtois, with Navas and Zidane departing to make way for the youngster to see the pitch more regularly.
However, the club have now taken the decision to let Lunin go out on loan once again.
Despite consistent links with a move away from Madrid, Navas now appears set to stay, the Costa Rican having made clear last season that he wanted to spend the coming season with the Spanish giants.
"I'm very happy, grateful to God for giving me the chance to be here," Navas said back in April as Zidane's side struggled through a poor season.
"Whenever I get the opportunity to play I do the best I can. I hope I can stay at Madrid next season. I have a contract and we have to wait and see if anything changes there."
Madrid open their La Liga campaign on Saturday against Celta Vigo as the club look to rebound from a season that saw them finish a distant third behind champions Barcelona and runners-up Atletico Madrid.
They’ll also be looking to return to the top of Europe following a Champions League campaign that saw their dominance of the continental competition come to an end thanks to a quarter-final exit at the hands of Ajax.