Real Madrid manager, Carlo Ancelotti, is set to leave the club at the end of this month.
Ancelotti's last game will be the Copa del Rey final on April 26, according to Sky Sports.
This follows Los Blancos' elimination from the Champions League at the hands of Arsenal on Wednesday night.
The LaLiga champions were beaten 2-1 at home and 5-1 on aggregate.
It is understood the 65-year-old will remain in place until the Copa del Rey final against Barcelona in Seville but is expected to depart the club after that game.
Real and Barca are both fighting for the domestic double, with Ancelotti's side currently four points behind the Catalans in the league with seven games to play.
The pair will also meet in El Clasico on May 11 but the Italian is not expected to be in charge for the game in Barcelona.
Brazil are looking to appoint the former Everton boss as their new head coach and he could be installed in the role before the end of the Spanish domestic campaign.
