Fabregas has had a tough season at Stamford Bridge and has looked a shadow of the player that won the Premier League title last year.
The former Arsenal and Barcelona man was embroiled in the controversy surrounding Jose Mourinho's departure in December.
And with new boss Antonio Conte being linked with a number of midfielders, including Radja Nainggolan and Miralem Pjanic, his time at Stamford Bridge could be up.
Spanish website Don Balon claim Real Madrid are interested in bringing the 29-year-old to the Bernabeu.
And it's claimed club president Florentino Perez is a huge admirer of the Spain international, despite his association with rivals Barca.
Fabregas revealed this week in a interview with Spanish newspaper Marca, that he is considering a return to Spain.
However, he made a point of saying he has unfinished business at Chelsea and would not be leaving the club willingly in the summer.
"Yes, why not? Now, I do not think that because I have many outstanding bills at Chelsea after how it went this season," he said.
"I do not really think of anything else, but in my opinion, the Spanish league is the strongest with the English.
"To return to Barca would no longer be possible, it is impossible even if I wanted to. The Barcelona stage is over, it is closed."
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