Los Blancos struggled in La Liga at the start of the campaign and binned Julen Lopetegui after a shocking run of form.
Santiago Solari took charge on a permanent basis after an impressive stint as caretaker boss.
However, the wheels came off on Saturday against Eibar.
Real were battered 3-0 by the Basque-based minnows to plunge the club back into deep uncertainty.
According to news outlet OK Diario, Los Blancos bigwigs are ready to hit the panic button.
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It’s suggested Florentino Perez is ordinarily averse to splashing the cash in the January transfer windows.
But with his side struggling to making any headway domestically, he’s ready to sanction a spending spree.
Hazard remains a top target, but he isn’t the only player Perez is targeting.
Prolific Inter Milan forward Mauro Icardi is wanted – along with Espnayol youngster Mario Hermoso.
Perez wants Solari to develop a team with identity.
At the moment, Real have failed to make the transition into a successful post-Cristiano Ronaldo era.
Belgian maestro Hazard has done little to play down speculation linking him with a move to Madrid.
“I have one year left in June,” he explained.
“If I don’t extend, (a move) is possible.
“I can’t see myself leaving in January. I wouldn’t do that to the club, the fans.
“Next summer it’s a possibility, but it’s also possible that I spend the rest of my career at Chelsea.”
Blues legend Dennis Wise thinks a departure is inevitable at some point.
“He’s obviously an ambitious guy and if he wants to be a top top world-class player then he probably needs to go on and win lots of different things,” Wise told Express Sport.
“You’ve got Barcelona and Real Madrid – those are where top players want to end up.
“But at the moment it’s important that we’ve still got him at Chelsea and I think he loves the place.
“I’m sure in time he’ll make his decision about what’s best for him.
“At the end of the day, he’s a world-class player and has made such a difference at the start of this season.
“Do you want to lose him? Of course you don’t. He’s irreplaceable, if I’m being honest.
“One day, unfortunately, when he wants to go he will.
“Hopefully we get a couple more seasons out of him – at least.”