Chelsea have rejected an opening offer from Real Madrid for Eden Hazard.
TMW says Real have bid €100m plus bonuses for the Belgium captain this week.
However, the proposal was rejected out of hand by Chelsea.
The London giants are reluctant to sell, but will seriously listen to offers beginning at €150m. For their part, Real believe Chelsea will part with Hazard for €135m.
Meanwhile, Real have made a contract offer to Hazard's camp worth €15m-a-year net.