The Belgian has been heavily linked with a move to the Spanish giants in the off-season and revealed in February that he has already “made a decision” over his future.
Hudson-Odoi, meanwhile, has been the subject of huge bids from Bayern Munich and is no closer to signing an extension to his current contract, which expires in 2020.
But The Sun has reported that Chelsea won't consider selling Hudson-Odoi if they lose Hazard to Madrid, despite the risk of later losing the 18-year-old on a free transfer,
The Stamford Bridge club have been banned from signing players for the next two transfer windows by FIFA after breaking rules over the signing of minors, a decision they have appealed.
Hudson-Odoi has made just six Premier League appearances this season but has impressed in the Europa League with four goals in eight games.
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