Kepa has been spotted at the airport to Madrid to finalize the deal. Looks like that one is happening. That will trigger Courtois to Real, with the Kovacic part still not completely clear. 1 year of Courtois+35m for Kepa+1 year of Kovacic is pretty solid, even with no buy option. If there isn't a buy option, I'd think Real would do Kovacic+cash for Hazard next summer, assuming Kovacic fits at Chelsea. Add: Matt Law confirms the deal for Kepa for full release clause. He says it's either panic or they are getting Kovacic on loan, which frees money up to put into keeper.