It has become increasingly apparent that Real Madrid will soon be seeking a replacement for Carlo Ancelotti following their UEFA Champions League elimination after a defeat to Arsenal.

Ancelotti is under immense pressure, and at 65 years old, he is likely to step down. Just last year, Ancelotti led Real Madrid to their 36th La Liga title and a record 15th Champions League crown. However, with Los Blancos facing the prospect of finishing the current season without a major trophy, the club is expected to begin searching for a new head coach.

Although no official decisions have been made about Ancelotti's future with Real Madrid, spefculation has intensified following the team’s 1-5 defeat to Arsenal, and several names have emerged as possible replacements. Among them, one standout favourite is former Real Madrid star Xabi Alonso, who is currently managing Bayer Leverkusen.

However, Alonso’s potential move to Madrid may encounter a significant obstacle. According to BILD, Real Madrid would need to pay a substantial fee to Leverkusen to release Alonso before his current contract expires in June 2026. Reports suggest that Alonso has a verbal agreement with Leverkusen CEO Fernando Carro to allow a move to Real Madrid, but the German club would require a €10 million release fee.

With the Club World Cup fast approaching, the urgency to finalise a managerial change has increased. There is only a 24-day window between Madrid’s final La Liga fixture and the start of the tournament.

The speculation around Ancelotti’s future has also been fuelled by reports of the Brazilian Football Confederation (CBF) being in discussions with Real Madrid to appoint Ancelotti as the next Brazil national team coach.

While Alonso remains the frontrunner for the Real Madrid job, the high cost of acquiring his services could prove to be a stumbling block. Nevertheless, the 43-year-old boasts a strong managerial profile. He led Bayer Leverkusen to their first-ever Bundesliga title without losing a single match and won the German Cup in his first full season with the club last year. However, this season, Leverkusen are at risk of ending the campaign without additional silverware.

Other potential candidates have also been linked with the role. Rumours suggest that former Liverpool manager Jürgen Klopp could be interested if approached. However, his agent has stated that Klopp is currently "very happy" in his new position as Head of Global Football at Red Bull, following his departure from Liverpool last season.

Another contender is Real Madrid legend Raul, who is currently managing the club’s academy side, Real Madrid Castilla. Raul has publicly expressed his desire to take on a new challenge at the end of this season.

Despite the competition, Alonso holds a distinct advantage. In addition to being a former Madrid player, he began his coaching journey with Real Madrid’s youth teams before progressing to manage Real Sociedad B. Since taking over a struggling Leverkusen side in October 2022, he has transformed the team into one of Europe’s most formidable outfits - losing just once in 53 matches last season.

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