Real Madrid are willing to use Isco as a Chelsea bargaining chip.
The Daily Mail says Real Madrid may use Isco as a makeweight to lower the price of a move for Chelsea forward Eden Hazard.
Spain international Isco has fallen out of favour under Santiago Solari and the European champions would be willing to offload him if it could secure their primary transfer target.
Whether Chelsea would be interested in Isco, remains to be seen.
Hazard has less than 18 months to run on his current deal.