Real Madrid boss Jose Mourinho wants Chelsea star Ashley Cole after losing Marcelo to injury.
The People says Cole will be out of contract then and looks set to leave Stamford Bridge with Blues owner Roman Abramovich refusing to hand anything other than a one-year deal to players over 30.
Manchester United, Paris St Germain and Anzhi Makhachkala are all interested in taking Cole on a free transfer, but the Spaniards are desperate.
Marcelo is out for three months after breaking a metatarsal and, with Fabio Coentrao and Alvaro Arbeloa also sidelined, they are short of cover at left-back.
Mourinho will have around £6million to spend in January and Chelsea could be tempted to cash in rather than lose Cole for nothing six months later.