Real attack Chelsea on the flanks

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Chelsea have already had a £12million bid for Malouda rejected by Lyon and remain hopeful of persuading Robben to remain at Stamford Bridge on a new long-term contract extension.

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Waiting: Arjen Robben is holding out on a new contract

Ready to go: Florent Malouda is keen on a move away from Lyon

Negotiations between the two parties are understood to be ongoing with the Holland international but, as yet, no agreement has been reached.

Madrid have been long-time admirers of Robben and president Ramon Calderon named the Dutchman as one of the players he wanted to bring to the club during his election campaign last year.

Now Madrid have entered the race for Malouda and that will put more pressure on both Robben and Chelsea.

Madrid have made it clear they will only sign one winger and if they land Malouda then Robben will miss out.

Calderon told the club's official website, www realmadrid.com: "We like Robben and Malouda.

"But they play in the same position and we will only sign one of them."

Malouda has already set his heart on a move to Stamford Bridge where he would link up with former team-mate Didier Drogba but Chelsea are reluctant to meet Lyon's £17 million asking price for the winger.