The 2017-18 Champions League winners were heavily touted to lure in Chelsea talisman Eden Hazard to the club and after long-drawn negotiations, the deal is finally off after Stamford Bridge outfit demanded a colossal sum to let off the Belgian winger.
Real Madrid boss Julen Lopetegui is considering dropping his interest in Eden Hazard in order to build his side around Isco instead, according to reports.
With summer transfer window inching closer towards closing stages, Chelsea has failed to attract some major signings this season.
According to AS of Spain however, not only have Madrid ruled him out of the running, they are considering not bringing in a new signing in Ronaldo's place.
Signing Willian would underline Real Madrid's intention to free-up Gareth Bale this season.
The Italian is keen to raid Serie A this summer, with moves eyed for Juventus trio Gonzalo Higuain, Daniele Rugani and Mattia Caldara.
This is described as an "opening" offer which means Florentino Perez and co. could well be back for more if it isn't accepted, though the newspaper have it that Chelsea are giving it serious thought.
Chelsea are happy to sanction Courtois' move as long as they can secure a replacement of their own, with Jack Butland looking increasingly likely to fill his gloves at Stamford Bridge.
But Real's bid would give Chelsea another opportunity to get a sizeable fee for a player who only has two years left on his deal.