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Hazard has been heavily linked with a sensational return to Stamford Bridge in recent weeks, with Madrid desperate to offload the former Blues ace.
The 30-year-old Belgian winger has failed to impress at Madrid since his 2019 move and Los Blancos have now lowered their asking price for Hazard.
According to El Nacional, Madrid are now willing to use the Belgium international in a deal to snap up James from Chelsea.
The Spanish newspaper reports that Carlo Ancelotti has asked Madrid president Florentino Perez to make a move for James in a bid to provide cover for Dani Carvajal.
Carvajal was previously ruled out of action this season due to a calf problem, with the 29-year-old Spanish right-back currently sidelined due to muscular problems.
Perez believes Madrid can solve two problems with the player-plus-cash offer, with Los Blancos securing James and Hazard being offloaded from the club’s wage books.
James is considered an essential part of Thomas Tuchel’s plans at Chelsea and is under contract with the Blues until 2025.
The 22-year-old right-back has been valued at around £50m, but El Nacional claims that Roman Abramovich might turn down Madrid’s approach.
Abramovich is reportedly keen on bringing Hazard back to the club, but he is unwilling to push ahead with a deal at the ‘expense’ of a young talent like James.
Ancelotti is believed to be an admirer of James and ‘knows him well,’ with the Madrid manager watching him develop during his time in England.
Madrid have also been heavily linked with Chelsea centre-back Antonio Rudiger, who will be out of contract at the end of the season.