The goalkeeper wants to return to Madrid to be closer to his family and experience a new challenge after four years as Chelsea's No.1.
"But he has turned down a better offer elsewhere because this is more than a financial decision".
Florentino Perez offered £35m for Courtois, a fee Chelsea feel is low despite the keeper only having 12 months to run on his existing deal.
With very little time to land a suitable replacement, the Belgian worldwide will be compelled to serve the final year of his contract at Stamford Bridge, with Chelsea prepared to let Courtois leave for free if they fail to convince him to sign a new deal.
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Thibaut Courtois move can be seen by some of the supporters as depressing and hurting. "We understand that the people at Chelsea may not be happy that he wants to go but it is for a humane reason and he wants to be close to his family".
Chelsea are set to hold on to Thibaut Courtois for the immediate future, according to a report in the Express.
"I am very happy at Chelsea and I am very happy living in London".
The loss of Courtois would be a major blow for Chelsea as he has made 126 Premier League appearances for the club, conceding 121 goals and keeping 49 clean sheets in the process.
"But, I hope that Courtois will be our goalkeeper".
The transfer would surely affect both the team in certain ways and can prove the turning point in the career of the player.