Near the end of the 2003-04 season, The Daily Telegraph of London reported that Beckham's major sponsors were trying to arrange for him to return to England for the 2004-05 season. Sources within the family told the Telegraph that Beckham would almost certainly be back in London. Real Madrid denied rumours that they were interested in selling Beckham, and banned British reporters from access to the team.

Because of the extremely high fee that Real Madrid could command for a Beckham deal, and the fact that the other teams that could afford the fee, had financial constraints (Arsenal, Liverpool) or personality issues (Man U) that would have made a deal unlikely, speculation immediately focused on Chelsea, with its billionaire owner Roman Abramovich. Adding fuel to the rumours, Chelsea's manager at that time, Claudio Ranieri, told an Italian newspaper that the club was pursuing both Beckham and Ronaldo, and The Evening Standard of London reported that Chelsea was prepared to pay £40 million for Beckham.

However, on 20 May, Beckham, in a statement issued through his agent, quashed the transfer rumours, stating that he would see out the remaining three years of his contract in Madrid. He added that his wife and sons, who had yet to move to Spain, would join him there. In November 2004 it was reported that Real Madrid intended to offer Beckham a two-year extension to his contract, which would effectively keep him in Madrid for the remainder of his playing career.