The pair are believed to be at the top of Jose Mourinho's summer shopping list as the Portuguese tactician looks to launch a full-scale assault on the Champions League next season.
Varane is understood to be valued at £30million by Carlo Ancelotti, while Koke's price is said to be £40million.
However, the Evening Standard claims that both players could remain with their respective teams due to the threat of an impending FIFA ban.
Both Real and Atletico are under investigation after apparently breaking rules relating to the signings of foreign players under the age of 18, and could be hit with a lengthy transfer embargo, meaning that Varane and Koke would stay put in Spain.
GETTY
Chelsea are believed to be interesting in both Raphael Varane and Koke
We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. Read our Privacy Policy