According to Sky Sports, Real believe the Belgian—who is in the final year of his contract—is worth £32 million and are confident about agreeing personal terms with him, but the Blues "will not resume" their negotiations with the Spanish giants until a new No. 1 is brought in.
If Chelsea fail to procure one, Los Blancos may have to wait until his contract expires to land his signature, although they will be able to do so for free and can negotiate directly with him in January.
Chelsea have added Rob Green to their ranks this summer, but the 38-year-old looks set to play a back-up role at Stamford Bridge.
Fellow veteran reserve stopper Willy Caballero doesn't look ready to take over the No. 1 jersey, either.
After a poor FIFA World Cup with Argentina, he failed to impress in Chelsea's friendly with Inter Milan on Saturday.
The pair will make for experienced cover, but it's understandable the Blues will want a new first-choice 'keeper secured, as failing to adequately replace Courtois could be detrimental to their title chances.
Fortunately for Madrid, they have a solid option between the sticks in the form of Keylor Navas.
The Costa Rican may not quite be an elite goalkeeper—hence Real's desire to upgrade with World Cup Golden Glove-winner Courtois—but he has been a regular for the last three years at the Santiago Bernabeu, during which time they've won three UEFA Champions League titles and La Liga.
Getting Courtois in sooner rather than later would be ideal, but signing him for free next year isn't a bad compromise if they have to wait.