Dembele starred in midfield last season for Premier League side Fulham.
“I do not know [if I will leave],” he told the Belgian newspaper Het Nieuwsblad. “Actually I can say nothing about it.
“There was contact between Real and my agent. They wanted information, but that was it. Everything is still.”
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Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.
Newcastle United are staring down the barrel of relegation to the Championship for the second time in the past eight years.