Real’s 2–1 defeat to Manchester City on Matchday 6 of the Champions League has reignited the main intrigue of the autumn: could this game be Xabi Alonso’s last in charge of the Madrid club? The media are still using reassuring wording, but the betting market is already operating in “what if?” mode and happily taking bets on the next head coach of the Royal Club. At the same time, another topic is being actively discussed – a possible new destination for Alonso himself in Liverpool, where Arne Slot’s position is looking increasingly unstable.
Klopp and Zidane Are the Key Names on the List
In the bookmakers’ lines, the favourite to replace Alonso is Jurgen Klopp – his chances are estimated at roughly 33%. The German left Liverpool in the middle of last year, joined the Red Bull organisation and has already stated that he will work as a pundit rather than a coach during the 2026 World Cup: “I want to be close to the game again, but not on the touchline.” Officially, Klopp talks about needing a full reset, yet his name is appearing more and more often in conversations around Real.
Just behind him is the prospect of Zinedine Zidane returning (around 25%). For the Frenchman, this would be a third spell in Madrid: he left in 2018 and, ten months later, came back to take charge of the team for another two seasons. In his club coaching career, Real has so far been his main – and essentially only – stop. At the same time, a long-standing scenario floated by almost every football insider has Zidane taking over the France national team after the 2026 World Cup. The question is whether Real will dare to interfere with that trajectory.
Glasner, Iraola and Other Surprise Options
The third line in the odds, at roughly 9%, belongs to Oliver Glasner. He is currently in charge of Crystal Palace, with whom he has already won the FA Cup and the Community Shield and taken the team into the top-four race. Before that, the Austrian coach triumphed in the Europa League with Eintracht. Despite an impressive CV, doubts remain as to whether he is the one who will be trusted with managing a Real dressing room full of stars.
Andoni Iraola (around 8%) is another candidate from the Premier League’s “second tier”. The Spaniard is in his third season at Bournemouth: under him, the team has remained consistently in mid-table, and during his tenure they have brought through Dean Huijsen, who then moved to Madrid.
Behind them comes a whole group of coaches with roughly equal chances – around 6% – Roberto De Zerbi, Unai Emery, Simone Inzaghi and Steven Gerrard. At the same time, the Liverpool legend clearly has far fewer major achievements in management than the others in this bracket.
In the 5% range we find Gareth Southgate and Diego Simeone. For the Argentinian, even those numbers seem inflated: switching directly from Atletico to Real is close to a science-fiction script. As for Southgate, he appears to be on the list primarily because of his links to Jude Bellingham and Trent Alexander-Arnold.
There is also a more “fantasy” block – Luis Enrique, Pep Guardiola and other almost unrealistic options with probabilities around 3–4%. Frank Lampard, Marcelo Bielsa, Jose Mourinho and Mikel Arteta also crop up here – big names, but so far without any solid evidence behind them.
What Insiders Are Saying About Real’s Plans
Spanish and English media are painting a similar picture: there are plenty of options, but very little clarity. Before the game against City, The Athletic reported that Real already had a shortlist of candidates. One of the names on it is Alvaro Arbeloa, who is currently working with Castilla.
El Mundo likewise names Klopp and Zidane as the main candidate duo and suggests they are seen as the key figures if a coaching change happens. At the same time, Cadena SER journalist Manu Carreno claims that the club is not eager to sack Alonso and that Zidane will not be returning to Madrid.
The result is a paradox: the market and insiders are already playing out a dismissal scenario, while inside Real they are still trying to preserve stability and avoid rushed decisions.
The Liverpool Angle: Alonso as Plan B for Slot
At the same time, Liverpool is living through its own crisis agenda. After Mohamed Salah’s explosive interview, the team secured an important away win against Inter, but that did not fundamentally fix the situation: in the Premier League, the Merseysiders sit only tenth, wins are sporadic and they are conceding far too many goals.
Talk of Arne Slot’s dismissal has long been the backdrop to every poor run. The picture drawn by the bookmakers looks familiar: the most likely successor to the Dutchman is considered to be Xabi Alonso – his chances are rated at the same 33% as Klopp’s probability of moving to Real.
Second on the list is, once again, Oliver Glasner (around 20%), and in third place comes… Klopp himself (17%), should he suddenly decide to return to Anfield in a new role. Not far behind are Steven Gerrard and Andoni Iraola. In essence, the set of names is almost a mirror of Real’s shortlist, with only the emphasis shifting slightly.
The Most Likely Scenario: A Major Swap Between Two Giants
If we assume two sackings at once – Alonso leaving Real and Slot departing Liverpool – the most logical and widely discussed option looks like a direct swap. Jurgen Klopp would head to Madrid to build a new cycle, while Xabi Alonso would return to Anfield not as a legendary midfielder, but as head coach.
Right now, this is the scenario that seems most realistic to bookmakers and a number of insiders: it explains both Real’s interest in Klopp and Liverpool’s focus on Alonso. Whether it remains a neat hypothesis on paper or turns into a genuine reshaping of European football’s coaching landscape will become clear in the coming months – as the results of both clubs in their domestic leagues and in European competitions roll in.
