Hazard has been in fine form this term, managing eight goals and three assists in 10 appearances in all competitions, with seven of those strikes coming in the Premier League.
The Belgium international - a long-standing Madrid target - will see his Blues contract expire at the end of next season, however, and recently admitted that he 'dreams of moving to the Bernabeu'.
Los Blancos are said to want Hazard in January, but according to Marca, the European champions are prepared to wait until the end of the 2018-19 campaign.
At that point, Hazard would only have 12 months remaining on his contract, and Madrid reportedly believe that a bid in the region of £65m would be enough to convince Chelsea to sell.
Hazard has scored 97 goals and registered 78 assists in 310 Chelsea appearances since a move from Lille in 2012.