Marca claims that the Champions League winners are ready sanction the departure of the two players if they can cash in €100m (£88.7m, $115.6m) from a quick double sale. Furthermore, the Spanish publication points out that the Blues still have a chance to snatch the coveted striker Morata from the Bernabéu, despite previous reports from Italy claiming AC Milan are in the pole position to secure his signature.
While Zinedine Zidane would prefer to keep the striker and the defender in his ranks the Spanish press predicts that they will eventually be sold as Los Blancos won't keep them against their will.
Morata, aged 24, only re-joined Real Madrid from Juventus last summer but has failed to establish himself at the Champions League winners due to the unmovable presence of Karim Benzema in Zidane's line-up.
Danilo, meanwhile, has also been restricted to a secondary role at Real Madrid since his arrival from Porto in 2015, serving as the back-up for Dani Carvajal at right-back.
The Spanish international striker has been tipped to move to AC Milan in recent hours after his expected to move to Manchester United collapsed, with Jose Mourinho's side opting instead to sign Romelu Lukaku from Everton.
Danilo, meanwhile, has also been heavily linked with Juventus following the departure of Dani Alves to Paris Saint Germain.
Marca believes that Chelsea are still in the race for both players but the Blues will need to break the bank to lure them away from the La Liga giants.
The Spanish publication says that Milan are willing to offer in excess of €70m to win the race for Morata while Los Blancos want to recoup the €30m they invested in signing Danilo from Porto in the summer of 2015 to part ways with the Brazilian right-back.
Manchester City are also said to be interested in the defender but Chelsea are reportedly leading the race, with Brazilian publication Globo Esporte recently claiming that he has already agreed personal terms to join Antonio Conte's side.
The news from Spain should encourage Chelsea to step up their pursuit of both players to bolster Conte's ranks ahead of a busy season which will see the Blues returning to the Champions League.
The Blues have already made three additions this summer in Antonio Rudiger, Willy Caballero and Tiemoue Bakayoko but they are yet to sign a new number nine despite Diego Costa being expected to leave Stamford Bridge.