Madrid have only taken one point from their last two games and there is serious unrest in the Spanish capital. After being five points clear of Barcelona earlier in the season, Madrid find themselves one point behind their rivals with a trip to the Camp Nou to come on March 22.
And there have been calls from Madrid fans to drop star players Gareth Bale, Karim Benzema and Ballon d'Or winner Cristiano Ronaldo. A poll in AS also revealed fans want to see the European champions revert to a 4-4-2 system instead of trying to accommodate the three attacking stars.
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Their defeat against Athletic Bilbao on Saturday saw Ronaldo fail to register a shot on goal, although Bale did the post with an audacious 40-yard strike.
It is, however, not just the players under intense scrutiny at the moment, with Ancelotti also seemingly fighting for his long-term future at the Santiago Bernabeu despite the success of last season.
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Real Madrid snatched the Champions League away from city rivals Atletico last term to win 'La Decima', a feat which Balague believes was the only reason Ancelotti is still in a job.
"At half-time against Athletic Bilbao, Ancelotti told his players that if we continue playing like this, we will not win anything," Balague wrote in his column for Sky Sports.
"But he obviously has to give more answers. As a consequence, the Real hierarchy are now seriously considering parting company with Ancelotti in the summer and I will be very surprised if he is there next season.
"In fact, they were even thinking of getting rid of him last season, but Ramos’s 94th-minute equaliser in the Champions League final against Atletico changed their plans.
"However, if his header had gone just a centimetre another way, then Ancelotti would have been sacked. So that is still in the backs of the club’s mind."
Madrid host Schalke in the second-leg of their last-16 clash in the Champions League on Tuesday. The holders have a 2-0 lead going into the game thanks to goals from Ronaldo and Marcelo in Gelsenkirchen three weeks ago.
It is a chance for Ancelotti to take the shackles off some of his key players and allow them to put on a show for the Madrid faithful. Ancelotti's saving grace may once again be European competition this season if El Clasico does not go to plan next weekend.
No club has ever successfully defended the Champions League but if the Italian manages it you would suspect he will still be in the Bernabeu dugout next season.
Should Real Madrid sack Carlo Ancelotti as manager?