The Croatia international has spent this season on loan at Stamford Bridge from the La Liga club, while the Blues winger is set to depart the Premier League as he enters the final year of his contract.
Chelsea have been handed a two-window transfer ban by FIFA for breaching rules on the signing of youth players.
However, Marca reports that it will not prevent them from securing a deal for Kovacic as he has been a registered player at the club since last summer.
As for Hazard, an announcement was delayed while Maurizio Sarri’s side fought for Champions League qualification, which they secured last weekend by guaranteeing themselves a top four finish.
The terms of the Belgian’s switch to the Spanish capital have been set for some time according to the report, and the deal is close to being finalised.
The transfer fee has been the major sticking point, with Chelsea demanding €140 million and Real resisting. The final fee is likely to be more than €100 million.
That will make the 28-year-old the La Liga club’s most expensive signing, ahead of Gareth Bale and Cristiano Ronaldo.
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