Real Madrid are open to the idea of allowing Eden Hazard to leave the club as they accept that his move from Chelsea has not panned out. The La Liga giants are aware they will have to take a hit after paying over £100 million for the winger, with reports claiming that Chelsea are interested in re-signing the Belgian.

Hazard established himself as one of the world's best attacking midfielders during his time at Stamford Bridge, which earned him a big money move to the Spanish capital club. But the Belgium international has failed to recapture his Chelsea form during his stay with Real, having spent a big chunk of time in the treatment room.

According to Spanish media outlet El Nacional, Chelsea owner Roman Abramovich is convinced Hazard can get back to his best if he dons the blue jersey once again and has initiated talks with Real president Florentino Perez. The Madrid club are said to be open to the idea of allowing Hazard to leave, but are hoping to prise Reese James away from Stamford Bridge.

While Chelsea are keen to bring Hazard back, they have no intention of paying anywhere close to the amount Real paid to sign him. The Blues will not offer more than £36 million, which is over £70 million less than what the Spanish club paid to sign the Belgian.

Hazard's value has dropped drastically since his move to the Santiago Bernabeu owing to his poor injury record and advancement in age. Real are said to be ready to accept a cut price deal and take a loss, so that they can get him off the wage bill and focus on bringing in other players.

One player Real remain interested in is Chelsea right-back James. They view the England international as a potential long-term replacement for Dani Carvajal, who now spends more time in the infirmary than on the pitch. However, James is highly regarded in England and Chelsea are unlikely to allow him to leave.

However, the defender's head could be turned after seeing regular game time not come his way under Thomas Tuchel this season. He has played just 187 minutes in the Premier League of which just three of the seven games have been from the start.

James is valued at around £40 million and Real could demand the English right-back as part of the deal to allow Hazard to join Chelsea. However, the Blues are unlikely to agree to a straight swap and will demand a fee for the defender, who is 21 years old and still to enter the prime of his career.

Eden Hazard
Eden Hazard has endured a nightmare first season at Real Madrid but could make amends in the final 11 games. GABRIEL BOUYS/AFP