The La Liga giants have been relentlessly pursuing Courtois this summer, with the Belgian goalkeeper keen to return to the Spanish capital and Chelsea resigned to losing him.
A fan favourite, set to remain at Chelsea.
Hazard has been on Real Madrid's radar for a long time now.
The Belgian worldwide who had a successful spell at Atletico Madrid between 2011 and 2014 has always been linked with a move to the Santiago Bernabeu to be close to his children.
The 2017-18 Champions League winners were heavily touted to lure in Chelsea talisman Eden Hazard to the club and after long-drawn negotiations, the deal is finally off after Stamford Bridge outfit demanded a colossal sum to let off the Belgian winger.
It's now more likely for the Brazilian to ply his trade at Old Trafford this season than at Stamford Bridge (Evens).
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The major reason for their change in stance is the fact that new Real Madrid manager Julen Lopetegui is focusing on handing Isco and Marco Asensio a key role in the upcoming season.
According to AS of Spain however, not only have Madrid ruled him out of the running, they are considering not bringing in a new signing in Ronaldo's place.
Hazard has lit up the Premier League since arriving from Ligue 1 side Lille for £31.5million in 2012 when he was widely regarded as one of the most exciting emerging talents on the continent.
Chelsea showed some signs of a willingness to negotiate their Willian asking price last week when Barcelona turned their attention to Malcom, who was on his way to join Roma.
AS reports Lopetegui is ready to shape his team around Isco ahead of the new campaign.