Real Madrid president Florentino Perez is in contact with Mauricio Pochettino.
Should Real finish the season trophyless, Florentino will inform Carlo Ancelotti it's time to go.
The Italian, however, will land on his feet, with the Brazil job waiting for him.
TyC Sports says Florentino is already preparing for Ancelotti's departure with Pochettino in contact.
The Argentine, the former coach of Espanyol, is a free agent after his dismissal by PSG at the end of last season.
Pochettino is also wanted by former club Tottenham.