The German World Cup winner has been heavily linked with a switch away from the Bernabeu since returning from international duty in Brazil, with the Gunners and the Blues two names closely associated with him.
Despite strong talk of a switch to Arsenal, a deal for the 27-year-old has failed to get off of the ground, with his wage demands and Real’s £20m price tag seen as too steep for a player in the last year of his contract.
Chelsea are rumoured to be biding their time to snap him up on Bosman deal, but Real’s inability to tie him down to a new deal may scupper that.
With Khedira said to be indicating that he no longer wants to be in Madrid, the European champions are desperate to sell now in a bid to ensure they get some cash, slashing his value by more than 50% to £8m.
This could tempt the English duo in, while there has also been talk of interest from Italy and his homeland.