The Belgium international has been heavily linked with a move to La Liga giants Real Madrid over the past season or so.
Hazard has allowed his contract to run down at Stamford Bridge and the number 10 has less than 18 months left on his current deal.
Talks between the player and the club have stalled amid speculation surrounding a potential summer bid from the Spanish giants.
Real Madrid sold Cristiano Ronaldo to Juventus last summer and los Blancos are still to fill the Portugal international’s void.
Fabregas left Hazard and Chelsea FC in the January transfer window to complete a move to Ligue 1 strugglers AS Monaco.
However, Fabregas believes his former Chelsea FC team-mate Fabregas will remain committed to the west London side despite the lure of Real Madrid.
“Frankly, I don’t know what Eden will do,” Fabregas told Cadena SER, as quoted by Metro.
“I do know he loves Real Madrid but he is happy at Chelsea and his family loves living in London. He is also the first captain of the team.
“However, he needs to make a decision before next summer because he hasn’t renewed his contract.
“He is already 28 years old and this would be the perfect moment to leave, it would be a very personal decision though.
“If he already said that he has made his choice, I think that he will renew his contract with Chelsea. I just found out about that, actually.
“I can tell you that Hazard would never get into a disagreement with Chelsea because he wants to leave.
“It is the club of his life and he has won everything in England playing for them.
“But I believe that if he already made the decision, it was a while ago because those choices are usually not made during the middle of the season.”
Hazard has scored 12 goals and has made 10 assists in 23 games in the Premier League this season.
The Blues are facing a battle to secure a place in the Champions League after coming under pressure from Arsenal and Manchester United.
The Belgian forward has won two Premier League titles, the Europa League, the FA Cup and the League Cup during his seven-season stay at Stamford Bridge.
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