Chelsea have held talks with Real Madrid over a possible swap deal involving Eden Hazard and Karim Benzema, according to Spanish publication Diario Gol.
Los Blancos are reportedly hoping to take advantage of the uncertainty surrounding Stamford Bridge with a move for the Belgian forward.
Real Madrid president Florentino Perez is believed to be optimistic that Hazard will be signed at the end of the season.
The overall cost of the Chelsea man could be lowered by the inclusion of striker Benzema, who has struggled for form this campaign.
The Frenchman has scored just twice in La Liga and has grown increasingly unpopular amongst the Real Madrid supporters.
Benzema has been part of an attack that has, by its usual standards, somewhat misfired this season, with Real Madrid fourth in La Liga and 19 points off Barcelona.
And Hazard, who has scored 14 goals in all competitions, has been identified as a prime target as Perez looks to reinvigorate the club's attack.
The 27-year-old has been the standout performer in a campaign that has grown increasingly disappointing.
Monday night's 4-1 defeat against Watford has left the Blues hanging on to a place in the top four and led to doubts over the future of manager Antonio Conte. Hazard, then, could look to jump ship if Real Madrid present him with an offer.
If Chelsea refuse to negotiate, however, Perez will reportedly turn to Tottenham's Harry Kane. Any deal for the Premier League's top scorer would also involve an exchange.