The Spanish giants are reportedly interested in signing the Serbian in January after their Portuguese defender Pepe was ruled out for the rest of the season with knee ligament damage.

Chelsea, however, will probably opt to keep hold of Ivanovic, who plays as a right-back instead of the injured Jose Bosingwa.

"The interest of Real Madrid is true, but I don't think the Blues are willing to sell him at this moment," his representative Vlado Borozan told calciomercato.it.

"(Coach Carlo) Ancelotti has admired him since he was Milan's coach, and now Ivanovic is part of his plans of Chelsea, it seems very difficult that Real can take him."

Ivanovic, 25, joined Chelsea from Lokomotiv Moscow in January 2008.