Rafael Benitez's agent has said the Napoli coach would be "delighted" to take the Real Madrid job, amid reports that current Blancos boss Carlo Ancelotti has received a personal invitation from Silvio Berlusconi to return to AC Milan.
Ancelotti is widely expected to be sacked by Madrid president Florentino Perez, with the club ending the current campaign without winning any major trophy.
Other names touted by local media to replace the Italian include departing Borussia Dortmund boss Jurgen Klopp, Sevilla's Unai Emery and ex-Madrid player and former Sevilla and Olympiakos coach Michel.
However, Benitez's Madrid connections have made him the favourite and his agent Manuel Garcia Quilon told TV station Cuatro that while there was nothing concrete to report at the moment, his client would jump at the chance to return to the Santiago Bernabeu.
"There is nothing at the moment," Garcia Quilon said. "Just a general rumour. Rafa has been a Madrid player, a Madrid [youth] coach, and is from Madrid -- so who would be upset by that? I am not inside his head, but I would imagine he would be delighted to coach Real Madrid at some time."
After two mixed seasons at Napoli, Benitez reportedly has an offer to return to the Premier League with West Ham next term, while there has also been speculation he could spend the 2015-16 campaign as an interim boss at Manchester City -- between the reigns of Manuel Pellegrini and Pep Guardiola.
Garcia Quilon said no talks had yet taken place with Madrid, although he would be happy to take a call from either Perez or the club's director general Jose Angel Sanchez.
"No [talks have happened yet]," he said. "I have a good relationship with Florentino and Jose Angel. I imagine if they want something, they will call me."
While Benitez looks to be Madrid's first choice for the job, Klopp was favoured as the ideal candidate by an online Marca poll.
Forty-four percent of over 30,000 respondents favoured the German, with Michel second (14.7 percent) and then Emery (10.8 percent). Current Germany coach Joachim Low was fourth (9 percent), with Benitez fifth (8.9 percent) but ahead of Castilla boss Zinedine Zidane (7.4 percent). Other names in the poll were Porto coach Julen Lopetegui (2.8 percent), and Zenit St Petersburg's Andre Villas-Boas (2.4 percent).
Ancelotti, meanwhile, has been linked with a return to Milan, where he won two Champions League titles and one Serie A crown during an eight-year stint as coach.
His relationship with club president Berlusconi remains strong and according to La Gazzetta dello Sport, he has been asked to take over from current boss Filippo Inzaghi next season.
The newspaper claims that Milan advisor Ernesto Bronzetti, who always helps the club in their dealings with Spanish sides, has already flown out to Madrid to discuss terms with the Italian. He may also try to strike an agreement with the club should they not relieve Ancelotti of his duties -- as expected -- this weekend, when the Primera Division season comes to an end.
Should Ancelotti return to Milan, he would also be reunited with goalkeeper Diego Lopez, who moved to the Rossoneri from Madrid last summer.
"All of the fans know him and I will always thank him for what he did for me," Lopez told Mediaset television. "He's a great coach and a great person and I'm sorry for the season he's had at Madrid because he doesn't deserve it. But I won't talk about his possible future here at Milan out of respect for Filippo Inzaghi, who is our current coach."