Asensio's Real Madrid future has grown uncertain in recent weeks with the Spain international out in the cold over in the capital.
The 21-year-old enjoyed a stunning start to the season with two goals in the Spanish Super Cup aggregate victory over Barcelona in August.
But Asensio has found life at the Bernabeu tougher since with Zinedine Zidane often leaving the wonderkid on the bench.
And Spanish outlet Don Balon say that, such is Asensio's anger with life in Spain, he is ready to join Chelsea unless the situation changes.
Real's refusal to play Asensio more has stunned many fans and pundits.
Los Blancos are currently stuck in a rut, being 10 points behind Barcelona at the top of the table.
Cristiano Ronaldo is misfiring, Karim Benzema looks past his best and Gareth Bale continues to be plagued by injuries.
And Don Balon say Asensio is so frustrated he has even asked club president Florentino Perez for help.
Any team decisions, however, are likely to be made by manager Zidane.
And Chelsea are ready to pounce if the player decides to leave the Bernabeu.
Antonio Conte's men are targeting marquee names at the end of the season after a nightmare transfer window this summer.
Despite shelling out on Alvaro Morata, the signings of Tiemoue Bakayoko, Danny Drinkwater and Davide Zappacosta have all split opinion.
PSG were, at one point, favourites to secure Asensio's signature.
But it appears a move to Stamford Bridge could be in the works if Real do not bow to the player's demands.