Former Real Madrid defender Fernando Hierro is being considered for the vacant managerial role at the club.
Following the Champions League victory over Liverpool at the end of last month – many expected Zinedine Zidane to stay on as boss, however, the Frenchman called time on his spell in charge at the club in a shock press conference last week.
Many potential candidates have been linked in Spanish press with Liverpool boss Jurgen Klopp and Tottenham Hotspur man Mauricio Pochettino mentioned.
However, it is, former players Michel and in particular, Hierro – who has been an ever present in reports.
It is expected that Madrid will wait to appoint a new manager until the World Cup in Russia has finished, after which – a number of current players could also have made decisions on their futures.
Cristiano Ronaldo and Gareth Bale have both been linked with a summer exit after saying they felt their time had come to an end at the Santiago Bernabeu.
Hierro is now Director of Football for the Spanish Football Federation and is remains unclear if he is interested in the position.
Michel is a free agent after being sacked by Malaga last season and would be an extremely questionable choice by Madrid president Florentino Perez.