The 24-year old Belgian is one of the most sought after players in world football at present, even despite his struggle for form this season.
Hazard is rumoured to be unhappy at the Blues, fuelled by the Stamford Bridge side's poor start to the season and the ongoing controversy surrounding under-fire manager Jose Mourinho. In addition, the winger has cut a frustrated figure after being repeatedly hauled from the field of play midway through recent games.
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Further turmoil could be the last straw for the Belgium international, which could see PSG and Madrid step in with astronomical offers of £80 million.
The Parisians have previous dealings with Chelsea, having acquired David Luiz for a stunning £50 million in 2014, and are convinced they have the necessary funds to lure Hazard to the Parc de Princes.
On the other hand, Real have been long-term admirers of Hazard, whilst the Chelsea midfielder grew up idolising Los Blancos, Zinedine Zidane in particular.
The Frenchman is currently in charge of Real Madrid Castilla and his presence at the club could prove influential in any deal involving the former Lille midfielder.
DESTINED FOR GREATNESS
Whomever the 24-year-old may choose to join, though, he will be walking into a club destined for success.
PSG have won the Ligue 1 title three times in a row under the leadership of Laurent Blanc and Carlo Ancelotti and have solidified themselves a force to be reckoned within Europe.
KEY TO REAL SUCCESS
Real, however, haven't won a league title since the 2011/12 season, but roared to Champions League success two seasons ago. They're looking strong contenders to break their La Liga drought this season and a player of Hazard's calibre would considerably improve their chances of dethroning arch nemesis Barcelona.
But Hazard, as previously mentioned, has noticeably struggled this season. He hasn't managed to score in 12 outings in the Premier League or the Champions League, putting his form and focus in doubt.
As a result, the mercurial winger may have to first rediscover his form at the Blues if such interest is to materialise.
Chelsea fans: would your club be better off selling Hazard, or should they do everything in their power to keep him at Stamford Bridge? Let us know your thoughts!