All eyes are on the future of Carlo Ancelotti—a manager whose legacy at the Bernabéu is undeniable, but whose current campaign has left fans and pundits alike questioning what comes next. 

With a string of disappointing results and mounting speculation about his next move, the question isn’t just if Ancelotti will leave, but who could possibly fill his shoes.

Ancelotti’s Uncertain Future

Carlo Ancelotti’s position at Real Madrid has come under intense scrutiny following a heavy 5-1 aggregate defeat to Arsenal in the Champions League quarterfinals and a domestic campaign that sees Los Blancos behind Barcelona by four points in La Liga. 

Ancelotti has repeatedly denied any rift with club president Florentino Pérez or the dressing room, insisting that the squad remains united and focused on the remaining trophies. However, he has also made it clear that his future will be discussed with the club at the end of the season, leaving the door open for an exit.

Brazil Makes A Move—But Ancelotti Now Has Competition

The uncertainty surrounding Ancelotti’s future is compounded by persistent links to the Brazil national team. The Brazilian Football Confederation (CBF) have long identified Ancelotti as their top target to lead them into the 2026 World Cup, and reports suggest that negotiations are ongoing.

Yet, Brazil’s search for a new coach doesn’t end with Ancelotti—former Liverpool manager Jürgen Klopp has also reportedly been in talks with CBF, making it a tough competition on who will manage the five-time world champions.

Who Will Replace Ancelotti at Real Madrid?

The clear frontrunner is Xabi Alonso, current Bayer Leverkusen manager and former Madrid midfield. Alonso’s meteoric rise in coaching—culminating in an unbeaten league—has made him the priority target for Madrid. Club officials hope to have Alonso in place by the start of the Club World Cup this summer, though his contract with Leverkusen runs until 2026.

Jürgen Klopp, former Liverpool and Borussia Dortmund manager, is another high-profile candidate. Although he is currently serving as Global Head of Soccer at Red Bull, reports suggest he would be open to the Real Madrid job—although the CBF seems to currently be a competition.

Raúl González is currently managing the club’s reserve team, Castilla. While Raúl lacks top-level managerial experience, his intimate knowledge of the club and its values could make him an appealing choice, especially if negotiations with Alonso and Klopp stall. 

As the season draws to a close, Real Madrid face a crucial decision. Ancelotti’s legacy is secure, but the club’s ambitions demand immediate success. Whether it’s Alonso, Klopp, González, or another contender who takes the reins, the next few weeks will be decisive in shaping the future at Santiago Bernabéu.