But with the Portuguese boss locked in his role at Manchester United for the time-being, Real will upgrade Real Madrid Castilla boss Santiago Solari to first-team manager as a stop-gap appointment.
That’s the stunning claim of Josep Pedrerol on Spanish TV programme El Chiringuito.
Former Spain national team boss Lopetegui’s future at the Bernabeu is under severe threat with Real Madrid having lost four of their last five games.
Los Blancos’ five-game winless streak included a 481-minute run without a goal – the longest barren patch in the club’s entire 116-year history.
Lopetegui has endured a tough time at the helm since coming in as Zinedine Zidane’s successor, with the exit of all-time top goalscorer and talisman Cristiano Ronaldo doing him no favours – especially as the European champions opted not to replace the Portuguese superstar.
And a 2-1 defeat at home to Levante on Saturday seems to have been the breaking point for the manager.
It has been widely speculated whether or not Lopetegui will be relieved of his duties before this Sunday’s heavyweight showdown with rivals Barcelona (3.15pm).
And Pedrerol thinks that Lopetegui will remain in charge for tomorrow night’s Champions League group stage clash with Viktoria Plzen.
But even if Real Madrid were to beat the Czech side comfortably in the Spanish capital, Pedrerol claims Lopetegui’s future is decided and club president Florentino Perez will swing the axe in the aftermath of their European contest.
Former Chelsea manager Antonio Conte had been tipped to become Lopetegui’s successor but odds on Solari taking over have been slashed, with Pedrerol explaining that Madrid are willing to wait to seal a Mourinho return after the current United tactician won La Liga, the Copa del Rey and the Spanish Super Cup in three years at the club.
He said on El Chiringuito TV: “Lopetegui will coach Madrid this Tuesday and it all points towards him not doing so at the Camp Nou.
“Mourinho is the favourite for the board and the club is thinking about appointing Solari until Mourinho is free to return to the Spanish capital. Solari would be a temporary option.”
On Madrid’s other managerial options, Pedrerol suggested that former Everton and Wigan boss Roberto Martinez – currently the manager of the Belgium national team – is a surprise candidate.
He added: “Roberto Martinez is also a candidate but Conte is also ahead of him.”
Reports in Italy on Monday morning claim Conte is still being chased by the Bernabeu side.
Corriere dello Sport claim Conte’s lawyers are working on a deal to get him out of his Chelsea contract.
Conte was sacked by Chelsea in the summer but still has eight months left on his £9m-a-year deal.
It means Chelsea have to agree to cancel the contract before Conte can work elsewhere – and the Blues could feasibly make life awkward for Real and their former manager.
Speculation on Sunday claimed head coach Lopetegui is expected to leave the club having so far won just five of his 12 games in charge of the club.
Lopetegui will have endured a horrific few months if he is axed, having already been sacked as Spain boss when news broke of his imminent Real appointment only a few days before the start of the World Cup.
Mourinho himself has come under pressure in his job at Old Trafford of late, although a win over Newcastle before the international break and United’s performance in a 2-2 draw with Chelsea on Saturday has alleviated some tensions at the club.