Chelsea stars Eden Hazard and Thibaut Courtois are both wanted by Real Madrid.
Belgian journalist Kristof Terreur says a double-deal for the duo is not on the cards though.
“Real Madrid are treating the Courtois – Hazard transfers as two separate cases,” said Terreur.
“Courtois to Real will be done for a fee around €40m (£36m), but deal can only be closed when Chelsea have found a new goalkeeper.”
Terreur has also dismissed claims Courtois is already in Madrid as a switch gets closer.
“Courtois is currently on holiday in Tenerife, by the way,” he said.