Luka Modric is the oldest member of Real Madrid by far now. 
While Real Madrid is keeping him for another year, they are continuing on their rejuvenation project. The whole team is slowly getting much younger and building the future of this big team.
Yep. Modric is the oldest one, he is also the player who has been in Real Madrid squad for a long time. He joined Real Madrid in August 2012, it means he already plays in Real Madrid around 12 years. I'm a bit surprised that Real Madrid wants to keep Modric until now. I guess Real Madrid will prefer to keep Kroos, but in fact Kroos decided to retire quite early. Anyway, I think Modric is no more needed because Real Madrid already has enough top midfielders. While Real Madrid is keeping him for another year, they are continuing on their rejuvenation project. The whole team is slowly getting much younger and building the future of this big team.Modric still deserves to be a part of this team thanks to his still being quite alive despite being 38. When he leaves, the team will have completed its transformation.
He deserves to stay in Real Madrid, but I think it is better he stays as a part of coaching staff. He is no longer in the prime age to play as a professional plyer, he is almost 39 years old. Real Madrid already has a new generation almost in each line, especially in midfield line. I think this should be the last season for Modric.I hope young talents such as Arda Güler, Endrick and more also remain there and build their career at one of the best European teams.
Endrick just joins Real Madrid in this season, Arda Guler becomes an important player for Real Madrid. With this situation, I am sure these players will stay in Real Madrid in this season. Ancelotti must need their services because Real Madrid plays in many competitions and Real Madrid always has a high target, they want to win every trophy.