The Blues will tempt the Spanish club with a £20m offer, but that is expected to be rebuffed.
Chelsea chief executive Peter Kenyon has stated The Brazilian is their only target this summer and if they are serious about landing the player they will have to offer closer to £30m.
Reports from Spain suggest that Robinho is keen to join the Stamford Bridge outfit and he is annoyed with Madrid that they are not doing enough to keep him.
Chelsea have until August 31 to sign new players and with the League season just over a week away, they will be keen to have the deal signed sealed and delivered by then.