Antonio Conte has been approached by representatives of Real Madrid president Florentino Perez over the possibility of making him the new manager, according to Sky sources.
Conte is Perez’s first choice to replace current manager Julen Lopetegui should he be sacked from his role at the club.
Lopetegui was appointed as the successor of Zinedine Zidane in June but already finds himself under pressure after winning just six of his 13 matches in charge of the club.
Perez’s representatives have made contact with Conte, who has been away from football since he was replaced by Maurizio Sarri at Chelsea.
Sky sources understand the former Italy manager turned down the chance to join Real Madrid last summer in order to take a break from football after his departure from Stamford Bridge.
However, it is understood Conte is now ready to return to management if Real Madrid are interested in him.
Madrid director Emilio Butragueno has confirmed Lopetegui will still be the head coach of Real for the El Clasico game with Barcelona on Sunday.
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A defeat to their arch rivals would leave Real seven points adrift of Barcelona after only 10 games in La Liga.