According to El Nacional, the Blues are prepared to pay £42million to bring the Belgian attacker back to the Premier League.
Hazard joined Real for more than twice that fee just over two years ago but continues to fall well short of his exceptionally high standards.
He was superb during his seven seasons at Chelsea, inspiring them to plenty of silverware and scoring 110 goals in all competitions.
There were six major trophies to celebrate, including two Premier League titles and two Europa Leagues, the last arriving in his final game for the club.
Hazard was at his mesmeric best in Baku, grabbing a brace in a 4-1 win over Arsenal just a week before completing his move to Spain.
He arrived at the Bernabeu to great fanfare but has failed to live up to expectations due to injury problems and a loss of form.
The 30-year-old was used to being the main man at Chelsea, relied upon to win games and carry the team’s attack, but that hasn’t been the case with Real Madrid.
Hazard has had minimal impact under Carlo Ancelotti this season and speculation that he will leave the club continues to mount.
Young Brazilian prospects Rodrygo and Vinicius Junior have both moved ahead of him in the pecking order recently.
With Florentino Perez committed to signing Kylian Mbappe next summer, Hazard faces becoming a peripheral figure at the Bernabeu.
In these circumstances, the chance to return to Chelsea, where he played his best football and enjoyed so much success, would understandably appeal.
It would also enable Hazard to link up with close friend and international teammate Romelu Lukaku, who joined from Inter Milan in August.
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