Ashley Cole has reportedly been offered an £8 million two-year deal to join Real Madrid in the summer.
The Chelsea and England left-back will be a free agent at the end of this season.
A Bernabeu source told The Sun: "Ashley is a world class player and Madrid have wanted to sign him for some time.
"It is now the perfect opportunity as he is free."
Real boss Carlo Ancelotti previously worked with Cole, 33, when he managed the Blues between 2009 and 2011.
Cole has made just 12 Premier League starts for Chelsea this season after losing his place to Cesar Azpilicueta.