Chelsea reportedly quoted Real Madrid €100m when the La Liga giants enquired about goalkeeper Thibaut Courtois.
Los Blancos are in the market for a long-term replacement for Iker Casillas and had been expected to sign Manchester United’s David de Gea, who is entering the final year of his contract at Old Trafford.
However, Spanish publication AS claims that Madrid have not yet settled on pursuing De Gea and are still considering alternatives.
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Real have held an admiration for Courtois since his hugely successful loan spell across the capital at Atletico, but senior officials at Stamford Bridge apparently slapped a €100m (£72m) price tag on his head.
The Belgian international, 23, helped the Blues win the Premier League title last season after usurping Petr Cech as number one.