Despite a resounding 3-0 win over Crystal Palace on Sunday, the Blues sit in the bottom half of the Premier League table after 20 games and have endured turmoil both on and off the pitch.
Talk of a player revolt led to the dismissal of Jose Mourinho just months after he took the team to the title, and Guus Hiddink has since been brought back to Stamford Bridge on an interim basis to steady the ship.
The Dutchman is thought to be open to additions this month, and reports claim that the London club see Isco as an ideal option.
The talented playmaker has been linked with Manchester United and Manchester City of late amid suggestions he’s grown unsettled at Real.
Although Los Blancos don’t want to sell, Isco’s own desires to win a place in Spain’s EURO 2016 squad may force him to seek a move in search of game time.