"He's the one player - he's the key player for Chelsea," Pearce told Sky Sports.
"If Manchester City come knocking and said 'we want him', what would that do for Chelsea's mentality? What would that do for Manchester City?
"We're talking about him going to Real Madrid, what if City or Liverpool come knocking? What would happen then if they could financially match a buy-out clause in his contract."
Alas, it's unlikely.
Stuart Pearce made a shock transfer claim (Image: GETTY)
Hazard was named Player of the Month in the Premier League for September (Image: GETTY)
Chelsea drew 1-1 with Liverpool at Stamford Bridge (Image: GETTY)
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