But Real are only prepared to pay him £4.4m - and want Chelsea to foot the rest. That works out at £36,000 a week.
The German international claimed yesterday he remains committed to the Blues but his agent, Michael Becker, admitted the Bernabeu giants have made "indirect" contact.
Ballack, 30, earns £121,000 a week but Real are only prepared to stump up £85,000.
In the past, Chelsea have been willing to pay some or all of a player's wages to smooth a loan deal - as happened with Juan Veron and Hernan Crespo when they moved to Italian clubs.
And Real want them to do the same thing with Ballack.
