Madrid are thought to view Hazard as a potential replacement for Cristiano Ronaldo following the five-time Ballon d'Or winner's mega-money move to Juventus, with Paris Saint-Germain winger Kylian Mbappe having ruled out an exit from the French capital.
The European champions are also in the market for a new goalkeeper and reports have suggested that they hope to announce the arrival of Courtois in the coming days.
Sky Italy reports that Madrid are willing to pay £150m for the Chelsea duo, with Hazard accounting for roughly £120m of that figure.
Courtois is understood to be available for around £31m as he is heading into the final year of his contract at Stamford Bridge and has given no indication that he will sign an extension.
Chelsea are reluctant to lose Hazard, but the Belgium international has repeatedly hinted that he would like to play for Madrid at some point in his career.