According to Hazard's father, Thierry Hazard, he has rejected a new contract offer to keep his options open, hoping for Real Madrid to show interest.
Hazard leaving would one be one of the biggest blows to the club in my lifetime. This might sound like I'm being over-dramatiic, but we've had him for 6 years and failed to properly build the team around him. We've surrounded him with half decent to mediocre players and the odd top talent and made him play under pragmatic after pragmatic manager who have no idea how to get the best out of him.
Imagine how spectacularly epic he would be if he played in this City side? He deserves better than to spend his entire career playing in functional teams who win the odd title every now and then, but completely irrelevant among the elites the CL. He'd go down as a Chelsea legend, maybe a PL legend, but he will not be remembered as the rare world class talent that he is.
Hazard leaving signifies a genuine lack of ambition on the club's part.