Blues manager Jose Mourinho travelled to Ukraine on Monday night to scout the Spanish playmaker amidst Spain's Euro 2016 qualifier against Mykhaylo Fomenko's side. Fellow Chelsea target Andriy Yarmolenko also featured in the tie.
The 23-year-old pair are both seen as two of Europe's hottest midfield prospects, with the Dynamo Kiev captain having been linked to several clubs in recent months, including Premier league rivals Everton and current European champions Barcelona.
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Both Yarmolenko and Isco completed the full 90 minutes in the clash, as Mario Gasper scored the only goal to give Spain their ninth victory in the qualifying stage.
Reports suggest that Mourinho initially went to the game to scout Yarmolenko, but it was in fact Isco that caught the Portuguese's eye.
The Madrid playmaker Joined Los Blancos in a deal worth £27 million from Malaga CF in 2013. In his debut season at the club, Isco found opportunity limited, but he has since held a significant role in the team and has begun this campaign brightly.
This wouldn't be the first time that Isco has had the opportunity to make a Premier League switch, though. Former Malaga boss and now Manchester City manager Manuel Pellegrini has consistently been linked with his former player, whilst Arsenal have also flirted with the idea of making a move.
It is thought, however, that Mourinho is very interested in acquiring Isco's services and will seek to steal a march on his rivals and attempt to lure the Spaniard to Chelsea in January. Should such a move happen, Isco would become the fourth Spaniard to move to Stamford Bridge during Mourinho's second spell at the club, after Diego Costa, Cesc Fabregas and summer signing Pedro.
With Chelsea sat in a very disappointing 16th place in the Premier league table, the creative spark that Isco provides for Madrid and Spain could ignite the Blues' season and, more importantly, their title aspirations.
Chelsea fans: How excited would you be if Isco signed? Give YOUR opinion in the comment box below!