Following Felipe Luis' return to Atletico Madrid, the Blues were reportedly keen on a move for the 22-year-old. Now the Spanish giants are looking at the possibility of taking Telles to the Bernabeu, according to talkSPORT.
The Stamford Bridge club have recently signed Abdul Baba Rahman, so it is unclear if they will react to Los Blancos' reported interest.
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With Branislav Ivanovic facing the axe in place of Rahman, Cesar Azpilicueta could be moved across to right-back, leading Chelsea to move and sign another full-back.
The Brazilian has massively impressed since joining from Gremio in 2013, and at such a young age could be seen as long-term replacement for Marcelo at Madrid, and could even replace Fabio Conetrao as understudy.
CHELSEA FORCED INTO ACTION
Chelsea's disastrous 3-0 defeat at the hands of Manchester City on Sunday has shocked the Stamford Bridge hierarchy into action. Following the Etihad demolition the Blues have added Rahman for a fee of £21 million, and have pipped Manchester United to the signing of Pedro.
While not a necessity, a move for Telles would be a good deal for the long-term future of Chelsea, with a changing of the guard in the Blues' defence set to happen over the coming years.
He may not be needed this season, but the club may regret allowing Real Madrid to sign the player as he has the potential to be a top class defender for many years to come.