The Sun is reporting that Chelsea FC, Manchester City and Tottenham Hotspur are all keen to land the 25-year-old this summer.
The same report says that the Spanish playmaker could be available for just £40m this summer because he appears to be unhappy at Real Madrid.
Isco is reported to be unhappy about his lack of regular playing time under Zinedine Zidane this season and that has offered the likes of Chelsea FC encouragement that a deal could be struck for the attacker.
The situation regarding his future at the Bernabeu is set to spark a three-way transfer scramble for his signature this summer, according to the same story.
Chelsea FC are likely to be linked with a host of players in the coming weeks and months as the summer transfer window gives Antonio Conte the chance to significantly bolster his squad.
Meanwhile, Chelsea FC will return to Premier League action after the international break when they host Tottenham at Stamford Bridge on Sunday.
MORE: Man United latest news
MORE: Arsenal latest news
MORE: Chelsea latest news
MORE: Liverpool latest news