Real Madrid are reportedly ready to take a gamble by handing former star Zinedine Zidane the opportunity to replace Carlo Ancelotti as manager of the club.

President Florentino Perez is said to be unhappy with the current situation at the Bernabeu, which has seen the Spanish giants relinquish control of top spot in La Liga and come within a whisker of dropping out of the Champions League in midweek.

The barren run of current form is in stark contrast to the turn of the year when Ancelotti, the man who won the much-coveted 10th European crown for Los Blancos last season, guided his side to an unprecedented 22-game winning run.

However, The Telegraph suggests that should the Italian fail to retain the Champions League this season, or at the very least win the domestic league title, then he could be replaced at the helm during the summer months.

Zidane is rumoured to be the frontrunner to take over having spent time in charge of Real Madrid Castilla, although he must first gain the required coaching badges.

Ancelotti, who replaced Jose Mourinho in the Madrid hot seat in 2013, has one year remaining on his current deal.