Real Madrid have rejected a bid from Chelsea for midfielder Isco Getty

Real Madrid have reportedly rejected a £20m ($30.8m) bid for playmaker Isco from Premier League champions Chelsea, according to a report in the Mirror.

Jose Mourinho is believed to be keen on bringing the Spanish international to Stamford Bridge in the summer, and the report claims that he is ready to sacrifice Oscar in order to land the midfielder.

The Portuguese manager had indicated earlier in the summer that the Blues will sign two or three players during the summer transfer window, but until now have only completed a loan move for former Manchester United striker Radamel Falcao.

Isco joined Real from Malaga in 2013 for a reported £23m ($35.4m), but has struggled to nail down a regular place in the team. He had a tough 2014/15 campaign under Carlo Ancelotti, and despite making 34 appearances in the La Liga, the Spaniard only completed the full 90 minutes on 16 occasions.

Apart from Chelsea, Serie A champions Juventus are also interested in the former Malaga star, while the Italians have also reportedly made an approach for Oscar, but are unable to reach an agreement regarding the transfer fees with the Stamford Bridge outfit.

Mourinho is willing to sacrifice Oscar in order to sign Isco this summer, but the Blues hierarchy are not willing to accept Juventus' £12m ($18.4m) offer for the Brazilian midfielder.

However, the Premier League champions are set to be disappointed, as new Real boss Rafael Benitez is not keen on selling Isco as he is part of the Spaniard's plans for next season.

Meanwhile, according to ESPN, Chelsea youngster Isiah Brown is set to join Dutch club Vitesse Arnhem on a temporary basis for the 2015/16 campaign.

The young forward, who is highly-rated by the Stamford Bridge club, broke into the first-team last season, and made his debut during the Blues' 3-0 loss to his former club West Bromwich Albion.