Real Madrid manager Lopetegui is under pressure at the Bernabeu with the La Liga giants currently stuck in a rut.
The Spaniard has overseen his side’s poor start to the new season with Los Blancos now winless in four.
Real Madrid are reportedly set to meet today over Lopetegui’s future – and fresh reports claim Conte is in line to take over.
The Italian left Chelsea back in the summer.
Conte was axed by the west London outfit after repeatedly taking aim at the Blues board.
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He also failed to steer them to a place in the top four, but did walk away with silverware to his name via the FA Cup.
Conte has also been linked with the Manchester United job.
But AS say Real are ready to appoint the Italian should they lose to Barcelona, given the fact he won trophies while at Chelsea.
The two teams will lock horns in El Clasico on October 28.
And, when Real lost 4-0 to Barcelona in 2016, Rafa Benitez paid the price shortly afterwards.
AS add that the club initially had doubts about Conte’s suitability.
Back in the summer, he was considered after Zinedine Zidane chose to take a sabbatical.
At the time, Real felt as though Conte was too combative to cope with a dressing room of so many goes.
But desperate times, it seems, may call for desperate measures.
Lopetegui has played down sack talk, saying yesterday: “Every football manager is aware of the possibility of being sacked.
“But I don’t think about it. We are still in October.
“We apparently have a negative dynamic.
“But we could be three points away from the top in the worst case scenario.”