The highly-coveted playmaker will put pen to paper on a six-year contract in Madrid and will travel to the Spanish capital imminently, the report continues.
The Belgium international has long been linked with a move to the European champions and in February he told the media that he has “already made a decision” over his future.
The 28-year-old has never hidden his admiration for Zinedine Zidane and the Frenchman’s reappointment in Madrid’s hotseat could prove decisive in the approach.
Last summer, Los Blancos reportedly saw an approach knocked back as they were quoted at €200m for the player, but with Hazard’s contract expiring next year that value has now dropped significantly.
In February, The London Evening Standard claimed the Chelsea star, whose contract at Stamford Bridge expires in June 2020, is now tipped for a move to the Spanish capital this summer.
Madrid are likely to redouble their efforts in the coming weeks, in order to have the former Lille star in place ahead of the 2019-20 campaign.