Real Madrid's Champions League exit and La Liga position—closer to third-place Villarreal than leaders Barcelona—have intensified scrutiny on manager Alvaro Arbeloa. The former player took over from Xabi Alonso in January but has underperformed his predecessor, with a 64% win ratio compared to Alonso's impressive 74%. A shock Copa del Rey defeat by second-tier Albacete has further damaged his position.

Spanish football expert Guillem Balague explains that president Florentino Perez prioritizes winning and managing egos over tactical identity. Perez favors high-profile "aristocrat" managers like Zinedine Zidane and Carlo Ancelotti. Jose Mourinho, who won La Liga and Copa del Rey during his 2010-2013 Bernabeu tenure, fits that profile perfectly.

Mourinho remains under contract with Benfica until 2027 but is reportedly desperate to return. His behavior during the Champions League encounter with Real didn't damage his standing with Perez. However, sources suggest the appointment would only happen if other options fall through. Mauricio Pochettino is also strongly considered, though committed to the US national team for the World Cup, while Didier Deschamps and Massimiliano Allegri represent other serious candidates.