The Belgian, who was named PFA Player of the Year last May due to his wonderful form, has been a far cry from the individual that helped the Blues win the Premier League title so comfortably.
Madrid were considered to be frontrunners for his signature but, with the player still looking likely to leave in the summer, a move to Paris Saint-Germain may now be in the offing instead.
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There came a time, with Hazard at the peak of his powers, where Jose Mourinho confidently expressed his belief that the winger was now a better player than Cristiano Ronaldo.
However, ever since the Portuguese uttered those words the Belgium international has failed to score, and his impact has waned in a season of doom and gloom around Stamford Bridge.
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Even the arrival of Guus Hiddink has failed to spark an upturn in fortunes for English football’s former poster boy, with Hazard largely anonymous in clashes with Manchester United, Watford and Sunderland.
The 25-year-old has been absent since the emphatic 3-0 victory over Crystal Palace earlier this month, but time is running out for him to rediscover his best form and help the Blues surge up the league table.
With Real now unable to pursue Hazard as a replacement for Cristiano Ronaldo, it leaves Ligue 1 titans PSG as the only realistic candidates to secure his signature.
The French side are growing increasingly desperate to win the Champions League, and having sniffed around Ronaldo could now sign Hazard as the marquee name to numb the pain of Zlatan Ibrahimovic’s imminent departure in the summer.
Ibrahimovic’s contract is entering its final stages and, for all of his unquestionable ability, the Swede is still yet to win Europe’s top tier competition with former clubs Inter Milan and Barcelona winning the trophy a year after he left in 2010 and 2011.
Hazard could be the final piece of the jigsaw, and could form part of an impressive attacking trio also consisting of Edinson Cavani and Angel Di Maria.
Despite his current difficulties, Hazard would command a big fee with PSG one of a select few capable of coughing up the money needed to force Chelsea to sell.
Should Hazard leave for PSG in the summer or hold out for a move to Real Madrid in 2017? Have YOUR say in the comment box below!