The young Spaniard is regarded as one of the finest talents in world football and is also wanted by Liverpool boss Jurgen Klopp, as he seeks an alternative to Lyon ace Nabil Fekir.
He was just limited to 28 appearances for the Spaniards last season and speculation about his future has been intensifying over the last few weeks, as the Spaniards have failed to hand him the kind of game time he needs and deserves to develop.
And according to the Marca website, Madrid are willing to finally cash in on the Spaniard as they look to revamp the squad over the course of the next transfer window and add the likes of Neymar, Kylian Mbappe, Eden Hazard and Harry Kane all reportedly on their shopping list.
With all the speculation surrounding the futures of Hazard, Willian and Cesc Fabregas, Chelsea are constantly in the market for a talented player like Asesnsio to come in and help fill the void if one of the trio does decide to depart the club at the end of the season.
Could Asensio be a great signing for Chelsea if he leaves Madrid?
Chelsea boss Maurizio Sarri is still keen to build a side that is capable of challenging for both the Premier League title and Champions League crowns so adding a talent likes Asensio, who can play in a number of positions across the midfield, would not only be a smart long-term investment, but a great bit of business.
However, if Madrid are happy to sell then Chelsea will still have to pay well over £100 million to land the Spaniard and that may be a fee that the Blues may not want to meet, especially as Sarri would prefer a ready-made superstar for that prive.................
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