The managerial saga intensifies as Ancelotti's future hangs in the balance following a disappointing campaign for Los Blancos.

Real Madrid have struggled this season, with their Champions League dreams crushed by Arsenal in a commanding quarter-final defeat. The Gunners outclassed and outbattled Madrid over two legs, exposing frailties that have left club president Florentino Perez demanding answers.

Despite the chance to salvage the season in the Copa del Rey final against Barcelona on Saturday and a La Liga title race where they trail their rivals by four points with five games left, Madrid are underdogs. Barcelona's scintillating form, highlighted by a 5-2 thrashing of Madrid in January's Supercopa de Espana, has only added to the pressure on Ancelotti.

Reports indicate Ancelotti could depart as early as after the Copa del Rey final, with Perez eyeing Alonso as the ideal successor to restore Madrid's dominance.

Alonso, a former Madrid midfielder who won the Champions League, La Liga, and two Copa del Rey titles during his five-year playing stint, is seen as the perfect fit to unlock the potential of Madrid's star-studded squad.

Speaking before Leverkusen's Bundesliga clash with Augsburg, Alonso addressed the speculation but remained guarded. "Communication with Simon Rolfes and Fernando Carro is always clear," he said. "When there's a decision to make, we'll be direct. There's no pressure on timing, it's about the right moment."

Alonso's stock remains sky-high despite Leverkusen's mixed season. Last term, he masterminded their historic Bundesliga triumph, secured the DFB-Pokal, and reached the Europa League final. His achievements have kept him in the spotlight, with a reported "gentleman's agreement" allowing him to join former clubs like Madrid, Bayern Munich, Liverpool, or Real Sociedad if approached.

Bayer Leverkusen CEO Fernando Carro confirmed this arrangement, stating, "If a team Xabi played for comes, we would sit down and talk, and we would not prevent him." However, Leverkusen are expected to demand a fee of around 15-20 million euros to release him.

Recent posts on X have fueled the speculation, with insider accounts suggesting Alonso's advisor, Inaki Ibanez, held fresh talks with Madrid. Leverkusen are bracing for a decision within weeks, with sources indicating the club expect clarity by mid-May. Carro emphasized the urgency, saying, "Xabi's future has to be decided in the next three or four weeks."

While Madrid have been linked with other high-profile names like Jurgen Klopp, Alonso remains the clear frontrunner. His coaching journey, from Madrid's youth setup to Real Sociedad's B team and then Leverkusen since October 2022, showcases his pedigree.

Last year, Alonso turned down Liverpool and Bayern Munich to stay with Leverkusen, but the lure of the Santiago Bernabeu could prove irresistible this time.

As Madrid prepare for a potential overhaul, they are also navigating transfer rumors. Trent Alexander-Arnold is reportedly close to joining on a free transfer from Liverpool, though some believe a late contract U-turn remains possible. Meanwhile, the club are planning a marquee signing to bolster their attack should Vinicius Junior depart.

With the Copa del Rey final looming and La Liga's climax approaching, all eyes are on Alonso and whether he'll seize the chance to lead one of football's greatest clubs. The coming weeks promise to be pivotal for both Madrid and their managerial target.