Jose Mourinho's stock has fallen significantly since the start of the season. He is clinging on to his position at Chelsea by a shoestring and may well find himself jobless unless performances pick up soon.
But, according to former Real Madrid president Ramon Calderon, he remains a sought-after figure in the Spanish capital. He claims the current Bernabeu chief Florentino Perez is open to the idea of bringing the Special One back for a second spell in charge.
Rather sensationally, he also claims that Mourinho was Perez's first choice for a new manager after Carlo Ancelotti was dismissed and only moved for Rafa Benitez when it became clear that he was happy in west London.
SIGN UP NOW
Want to become a GMS writer? Sign up now and submit a 250 word test article: https://gms.to/haveyoursay4
Speaking to talkSPORT, Calderon said: "It is not a secret that the current Real Madrid president has backed Mourinho many times. He likes him a lot and you can't rule out seeing him again on the bench at the Bernabeu.
"I know it seems strange, but if Benitez doesn't have a good season and Mourinho gets sacked by Chelsea, I insist you can't rule out seeing him here again.
"I know that the president tried to have him here instead of Benitez, but Mourinho said he didn't want it and that it wasn't the right time to come back.
"But after two or three years I can see him here again - it happened the same with Chelsea, they sacked him but then he came back. In football, that is normal."
Times, they are a-changing
When Real Madrid made that reported approach for Mourinho, he had just won his third Premier League title for Chelsea in emphatic style. People were talking about dynasties and Roman Abramovich handed him a four-year deal.
But they only thing Mourinho is likely to be handed by the Russian oligarch is his marching orders and a hefty compensation cheque. Chelsea have lost seven of their opening 12 games and Mourinho has, according to some sources, lost the dressing room.
It is a familiar story for the Portuguese, who also fell out with senior players during a three-year spell with Real Madrid, but he appears to have remained on the right side of the men who matter.