Chelsea produced a solid performance to beat FC Porto 2-0 in the away leg of their Champions League quarter-final tie on Wednesday night.
They are expected to complete the job at home in the second leg next week and are massive favourites to go through to the semi-finals of the Champions League.
At the moment, Chelsea are second-favourites behind Manchester City in the betting odds to lift the Champions League, but Hislop indicated that those are misleading odds.
Hislop is expecting Real Madrid to be Chelsea’s opponents in the semi-finals if both do their job in their respective return legs and the former goalkeeper feels given the struggles Thomas Tuchel’s side are facing up front, they are unlikely to get away with it on such a big stage.
He said on ESPN FC: “I understand why PSG and Bayern Munich are below Chelsea in the betting odds given the other half of the draw.
“Yes, right now Chelsea are in the best position of everybody left in the competition because of their win.
“But assuming Real Madrid complete the job against Liverpool and Chelsea do the same against Porto, I make Real the favourites over a Chelsea team, as good a performance it was, you are going into a Champions League semi-final with no striker or your strikers are out of form and are completely lacking in confidence.
“You can’t get away with that in a Champions League semi-final.
“If those two come head-to-head as the scorelines suggest, Real will beat them.”
Chelsea have not reached the semi-finals of the Champions League since 2014.