Ashley Cole is close to agreeing a two-year deal with Real Madrid, reports Spanish broadsheet El Confidencial.
The veteran left-back is coming into the final months of his contract, reported to be worth a massive £200,000-a-week.
After losing his place in the first team to Cesar Azpilicueta, Jose Mourinho is not prepared to renew Cole's contract, forcing him to look elsewhere for employment.
Real Madrid have been in contact with the 33-year-old for the past few months and it is believed the two parties are close to agreeing a deal that will take Cole to 2016 and earn him around £3.2m a season.
It's a significant wage cut for Cole, but the promise of playing with Los Blancos has been enough to persuade the England international to leave Stamford Bridge after an eight-year stay.
Cole fell out of favour under Jose Mourinho after he was seen attending Arsenal's Christmas party. Mourinho had cancelled Chelsea's celebrations because of poor results and was upset to see Cole go out with a rival team in defiance.
Chelsea are also looking into bring in a long-term replacement in the form of Southampton starlet Luke Shaw.
Shaw is rumoured to be available for as much as £30m this summer and is also believed to be a Chelsea fan.
Manchester United have also been linked with a bid but, without a manager, their transfer plans have been thrown into disarray, giving the Blues the upper hand.