Jose Mourinho and Zinedine Zidane have been linked with a return to the club, with the latter reported to now be their top target.
However, either he or the new manager can turn things around by buying a few good players and here are five players that Los Blancos need to sign in the summer to challenge for titles next season.
This after an underwhelming start to the season under Julen Lopetegui and seeing Santiago Solari falter in recent weeks - after being knocked out of the Champions League and the Copa del Rey as well as being 12 points behind LaLiga leaders Barcelona.
And Calderon, who left his position as the club's president in 2009, revealed contact has been made with Mourinho over a potential return. Pochettino is committed to Spurs but could obviously leave for a bigger challenge, Allegri could be fired by Juventus and Madrid might hand him a job, whereas Joachim Low would be ready to vacate his post as the Germany boss should Madrid come knocking.
Mourinho has been far more receptive to approaches from the Spanish giants, both in public and in private, making him the most likely option to take over for the closing run of the Liga season. They are talking of the possibility of Zidane or Mourinho - they are completely different coaches with completely different ideas of football.
"There's been three or four months moaning now, lamenting and regretting what we did planning this team".
"Following the tests carried out today on our player, Vinicius Jr., by the Real Madrid medical department, he has been diagnosed with a ligament tear of the tibiofibular joint of the right leg".