Talks over a deal have stalled in recent days.
But Rivaldo says, "It's a transfer that both sides need.
"Real Madrid, because after a bad season, they are looking for this kind of character to provoke a reaction next year, but it's also good for Hazard because he's looking for a bigger challenge than Chelsea, and Real Madrid represents that.
"Problems adapting to LaLiga Santander? No chance. With his age, maturity and experience in the Premier League I'm convinced he'll adapt to Spanish football very quickly."