It makes sense that Real want the best RB/RWB in the world, but there is a 0% chance this happens this summer.
He just signed a 6 year deal in September which reportedly doesn't have a release clause. Chelseas new wage structure will see him as their highest paid player (The reason Mount won't sign a new deal is because Chelsea won't offer him the same salary/term as James) on the team moving forward (Only Sterling is higher, I believe). He's largely being touted as the next "long-term" Captain (it'll likely be Silva next year), and hes mentioned multiple times that that is a career goal of his. The dude is Chelsea Football Club.
Real were rumored to want him last summer too, and he still didn't go, and instead signed a new deal.
Now, on the chance that at this time next year we are in a similar spot as we are now (no real prospect if CL football the following year), I could see him asking for a move, but even then, I wouldn't put it as "likely to happen".