Real Madrid are preparing to offer Chelsea a straight swap-deal for the services of Ramires, with Sami Khedira going the other way, according to the Daily Star.
There were a number of English clubs interested in taking Khedira on over the course of the summer, including Chelsea, Manchester United and Arsenal, and now it seems that Madrid will try to tempt Jose Mourinho's hand in order to get Ramires.
The Special One is a known admirer of the German midfielder, having worked with him during his time at Madrid.
Meanwhile Real are thought to be intent on getting Ramires to the Bernabeu, even though they will know that the Blues will not want to part with him.
Ancelotti worked with the Brazilian whilst he was in charge at Stamford Bridge, and is thought to be willing to let Khedira, who has struggled to become a key player this year, leave in order to make the transfer happen.
Ramires is said to be happy at Chelsea though did admit it was "good for the ego" to be in connection with Los Blancos.