Real Madrid dropped to seventh in the Champions League group phase with a 2-1 loss to Manchester City at the Santiago Bernabeu. Xabi Alonso’s side took the lead, but Nico O’Reilly and Erling Haaland cancelled out Rodrygo Goes’ early goal.
The result has intensified speculation over Alonso’s future, with reports suggesting the club’s hierarchy held urgent meetings after the defeat to assess their options. No assurances were given over his position.
Once top of La Liga, Los Blancos now trail Barcelona by four points and have won only three of their last nine matches in all competitions. It’s led to many free bets pages linking him with the sack before the 10-day winter break.
The decline has been swift and damaging. Alonso, who arrived from Bayer Leverkusen as one of Europe’s most admired young coaches, is discovering that Madrid’s expectations are unlike any other. Defeat is a crisis, a draw is a cause for debate.
The Spaniard’s reputation has been tested by disjointed performances and murmurs of frustration from senior players, notably Vinicius Junior.
As a player, he was revered during his five years in Madrid’s midfield, winning La Liga, the Copa del Rey, and that coveted Champions League title in 2014. The club was supposed to be his destiny. Instead, it threatens to become his undoing.
Two games remain in the Champions League against Monaco and Benfica, yet even victories may not repair the erosion of belief around the training ground. At a club where sentiment rarely survives a bad week, Alonso’s future now looks genuinely precarious.
The speculation has already begun. Premier League supporters, particularly those at Liverpool, where Arne Slot’s own struggles have intensified calls for change, have floated the idea of an Anfield reunion. The Reds defeated Alonso’s Madrid earlier in the group stage, a result that now feels prophetic. But whether Alonso survives to see another job remains uncertain.
What is certain is that Real Madrid does not have patience. President Florentino Perez takes no prisoners. If the next games fail to get the required response, Alonso will join a long list of managers who discovered that the Bernabeu’s marble halls offer no sanctuary for those who fail to deliver.
If the axe does fall, the question becomes who steps in. The following names have already begun to surface inside betting markets and within boardroom conversations.
Jurgen Klopp – 2/1
On the surface, Jurgen Klopp feels like the ideal fit. The German now works as Red Bull’s Head of Global Soccer after leaving Liverpool in 2024 and knows Madrid well after losing Champions League finals to them in 2018 and 2022.
His record speaks for itself. He built contenders at Borussia Dortmund and Liverpool, and his presence would calm a dressing room that has grown unsettled.
The odds make him the favourite, yet the reality points elsewhere. Klopp has spoken repeatedly about enjoying the distance from the touchline and about the exhaustion he felt at the end of his Liverpool tenure.
Reporting from The Athletic supports that stance and unless something changes dramatically, Klopp is not returning to management despite the betting market.
Zinedine Zidane – 3/1
If there is a safe harbour in this storm, it is Zinedine Zidane. The Frenchman is more than a former manager. He is an icon, the architect of Madrid’s unprecedented three consecutive Champions League triumphs between 2016 and 2018.
His playing career at the Bernabéu was the stuff of legend, but the question remains if he would want a third stint in the dugout.
Still, if Madrid can’t find a manager willing to commit for the long haul, Zidane offers something invaluable: stability, experience, and an aura that few in football can match.
Oliver Glasner (10/1)
Oliver Glasner has built an intriguing resume over the last decade. He took LASK into Europe, won the Europa League with Eintracht Frankfurt, and transformed Crystal Palace into a sharp, aggressive FA Cup-winning side. His work with emerging talents, including Michael Olise, has impressed several elite sporting directors.
Imagine what Glasner could accomplish with Madrid’s resources. The Austrian’s pressing style and emphasis on youth development could revitalise a side that has looked sluggish under Alonso.
The concerns are obvious. He has never managed the elite, never navigated the unique pressures of a superpower like Real Madrid. But from a neutral’s perspective, it would be utterly compelling.
The Outsiders
Other names have surfaced in the speculation. Bournemouth’s Andoni Iraola, impressive with his progressive football on the south coast, is considered a long shot at 12/1.
Roberto De Zerbi, currently at Marseille, is another intriguing candidate at 16/1, though his volatile nature might not suit Madrid’s demands for immediate results.
Real Madrid Next Manager Odds
- Jurgen Klopp — 2/1
- Zinedine Zidane — 3/1
- Oliver Glasner — 10/1
- Andoni Iraola — 12/1
- Roberto De Zerbi — 16/1
The Safe Choice: Alvaro Arbeloa
If all else fails, Madrid will turn inward. Alvaro Arbeloa, the former full-back who played for the club between 2009 and 2016, has been groomed for this moment.
After beginning his coaching career with Madrid’s U-14 side in 2020, he has steadily ascended through the ranks. In May 2025, he was appointed head coach of Real Madrid Castilla following Raul’s resignation.
Arbeloa was already a candidate when Alonso was hired. He is highly regarded by the Madrid hierarchy, seen as someone who understands the club’s values and possesses the temperament to handle the pressure.
If Zidane cannot be persuaded to return, Arbeloa is the likeliest successor. It would be a cautious appointment, one designed to minimise risk rather than maximise reward.
The next fortnight will be definitive. Two games to save a season, perhaps a career. Alonso knows the stakes. So does everyone at the Santiago Bernabéu.
The only question now is whether he can deliver, or whether Madrid will once again prove that no one, not even a beloved figure, is immune from the axe.
