Further reports have now emerged claiming he has agreed a new five-year contract to remain at the Bernabeu until 2013.
But Chelsea chief executive Peter Kenyon insisted discussions with Madrid were continuing.
"The speculation surrounding Chelsea in any transfer window is enormous," he said.
"We have confirmed we are interested in Robinho and have had some conversations with the club. That is ongoing and as the coach has said, he is a player we have identified as a talent.
"If we could get him it would add to what we have got, but if it doesn't happen, the objectives of Chelsea are not going to change."
Blues coach Luiz Felipe Scolari was quick to praise the 24-year-old but also conceded speculation surrounding Chelsea would continue until the transfer deadline on August 31.
"Robinho is a great player, he plays for one of the best teams in the world and also Brazil," said the 59-year-old.
"But at the moment it is not more than speculation. It is the time of the year for speculation, it is the time for agents to put one player here and then there."