Real Madrid president Florentino Perez has announced a surprise news conference for 17:00 BST on Tuesday.
Real have had a series of off-field issues of late and lost El Clasico to rivals Barcelona at the weekend – a win which ensured Barca are La Liga champions.
A move for former boss Jose Mourinho has been suggested.
Mourinho is thought to be the preferred choice for Perez after a season of enormous instability that has unravelled over the past week, culminating in a training ground fracas between Federico Valverde and Aurélien Tchouameni. Valverde ended up in hospital with a brain trauma and both men were fined €500,000.
Mourinho has another 12 months left on his contract at Benfica but it contains a one-week escape clause at the end of the season.
Real will not win a trophy this season and were beaten in the quarter finals of the Champions League by Bayern Munich.
Star striker Kylian Mbappe missed El Clasico with injury which only increased the noise around the France striker’s decision to go on holiday rather than stay in the Spanish capital and work on his recovery.
A petition calling on the club to sell Mbappe has reached nearly 70 million signatures.
Real sacked Xabi Alonso in January after less than eight months in charge, with his former Liverpool team-mate Alvaro Arbeloa taking over.
