Hazard has been the talisman for Chelsea over the past few seasons and was the standout performer last season as well a single-handedly winning the Blues the FA Cup final against Manchester United at Wembley.
With Red Devils not keen to let go of the prized asset, Madrid switched their attention to Courtouis, who helped Belgium to a third-place finish at 2018 World Cup in Russian Federation.
But, the report by AS suggests that Los Blancos may have backed out of their pursuit of the Chelsea superstar.
Signing Willian would underline Real Madrid's intention to free-up Gareth Bale this season. Juventus striker Gonzalo Higuain could also make the switch to London after Cristiano Ronaldo's move to Juventus.
Jordan Pickford was excellent for England in Russia earlier this summer
However, the Toffees are prepared to stand firm and will reject all bids that they receive for the goalkeeper they only signed themselves last summer. The European champions have been quiet in the transfer market so far with £40m right back Alvaro Odriozola their only major acquisition to date.
Willian, on the other hand, has been strongly linked with Barcelona, but they opted for sought-after attacking midfielder Malcom instead as they were unwilling to cough up the £70million Chelsea were demanding for the 29-year-old.
Chelsea are said to value Hazard at around £200m - a figure that Florentino Perez and co. don't want to pay for the sake of a big-name replacement.
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.
Turkey’s lira plummets after central bank fails to lift interest rate
The currency crisis complicates the outlook for Turkey's economy, given the country's US$300 billion in foreign corporate debt. The Borsa Istanbul 100 Index of Turkish stocks extended declines after the central bank announcement, sliding 3.3 per cent.