Madrid-based newspaper Marca claims Real Madrid have begun to discuss the possibility of bringing Jose Mourinho to the club from Inter in the summer.
The paper, which enjoys strong links with the Spanish outfit, reports that Tuesday night's Champions League defeat to Lyon has convinced the Bernabeu hierarchy to consider their options.
Real only appointed Manuel Pellegrini in the summer and the former Villarreal manager has guided the club to second in the table, two points behind reigning champions and arch-rivals Barcelona.
However, a disappointing 1-0 loss in France has reputedly led Real to initiate contact with Mourinho's representatives regarding a possible move to the Spanish capital.
Mourinho appears to be on course for a second league title in two years at Inter and is currently preparing for a Champions League tie against his former club Chelsea, but it has been reported that his current contract with Inter has a clause allowing him to leave the club in June.
Mourinho, who won the Champions League with Porto in 2004 before winning back-to-back titles at Chelsea, has experience of working in the Primera Liga having served as an assistant to both Sir Bobby Robson and Louis van Gaal at Barcelona.