Asensio has been linked with a summer move to Chelsea over the past few weeks.
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Reports earlier this month suggested the 22-year-old has been given the green light to join the Blues.
After struggling to nail down a first team spot in Zinedine Zidane’s side this season, Asensio may have to look for pastures new.
And now according to Don Balon, Chelsea have set their sights on a big summer swoop.
The report suggests the Blues are working behind the scenes and trying to sign Asensio.
It is said that Cristiano Ronaldo has divulged information to his camp about the potential offer.
Don Balon also claim that the west London intend to make a £119million bid.
However, it is also suggested that Real president Florentino Perez is a fan of Asensio and doesn’t want to see him leave.
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Other claims have suggested that Asensio could join the Blues regardless of whether Eden Hazard stays.
Hazard remains a top target for Real, as Zinedine Zidane seeks to overhaul his squad.
Although his side are in the Champions League quarter-finals, they have had a disappointing domestic campaign and are 15 points behind La Liga leaders Barcelona.
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