Hazard, 32, joined Madrid from Chelsea in 2019 on a deal worth up to £130million.
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However, injuries and a lack of form have seen the Belgian’s career stutter.
According to defensa central, Madrid have already identified a replacement for the stricken winger as they look to cut their losses.
Though it seems Madrid have not learnt their lesson, with the report suggesting they want to replace Hazard with Christian Pulisic.
The American arrived at Stamford Bridge the same summer Hazard departed, and that trick could soon repeat itself with Pulisic potentially on his way to the Bernabeu.
The report indicates the financial fair play restrictions on Chelsea following their £600m transfer outlay will see them “get rid” of a number of fringe stars.
The 24-year-old’s deal at the club runs out in 2024.
So while they will not recoup too much of the £58m transfer fee paid in 2019, they will be able to save at least £8.3m by shaving his annual wage from the books.
Pulisic has not featured in a Blues shirt since the 1-0 defeat to Man City in the Premier League on January 5, owing to knee problems.
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Regardless, Graham Potter will be hoping his side can get back to winning ways when the club play against Tottenham on Sunday.
The misfiring Blues are languishing down in 10th place in the Prem, having won just two of their last 14 games in the division.