The Belgian has been linked with a move back to the Premier League and to the big spending Magpies.
However, El Nacional in Spain suggests the 31-year-old attacking midfielder does not see Newcastle as an option.
If he is to leave Real, he wants to join a team that is a "big player" in European football.
Chelsea may be interested in bringing Hazard back to Stamford Bridge in the summer, and such an option may appeal to the playmaker as well.
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