The Belgian attacker is rumoured to be one of Madrid's top transfer targets, having been heavily linked with a move to the Santiago Bernabeu last summer. Hazard, 28, hinted that the Spanish capital was his favoured destination last year after the World Cup and Goal understands he is still hopeful of a big-money move this year.
Hazard said this month that he has reached a decision on his future, but the two-window transfer ban FIFA hit Chelsea with this week could complicate the situation.
The sanction for breaking rules relating to the registration of youth players puts the Stamford Bridge outfit in further turmoil amid the team's recent dip in form.
Although they are competing in Sunday's Carabao Cup final and progressed to the last 16 of the Europa League this week, recent heavy defeats to Manchester City and Bournemouth have put coach Maurizio Sarri's job in jeopardy and saw them slip out of the Premier League's top four.
Ex-Blues star Hasselbaink urged the club to sign Hazard to a long-term deal in the wake of their transfer ban, but he feels they will need to qualify for Europe's top club competition if they are to convince him.
"It'll be difficult for Hazard if Chelsea aren't in the Champions League next season. That's why the game with Tottenham is every bit as vital as the Carabao Cup final, maybe even more," he told The Mirror.
"But sooner or later I think the club will have to shuffle things around anyway to provide a pathway for young players like Callum Hudson-Odoi.
Hazard has scored 15 times in 34 appearances in all competitions for Chelsea this season and is contracted to the club until 2020.