The Merengues are in freefall after a shock 2-1 home defeat to Levante.
They even managed to set a new club record by going over seven hours without a goal in all competition.
Lopetegui insists the possibility of being axed is “the last thing on my mind,” but Conte’s shadow is lurking over his bench.
Chelsea would actively encourage this, as it would mean cutting short the legal battle Conte is waging for unfair dismissal.
According to Spanish newspaper El Pais, Real Madrid contacted Conte as long ago as October 2, straight after the Champions League defeat to CSKA Moscow.
Real Madrid chiefs are ready to relieve head coach Julen Lopetegui of his duties after a disastrous start to their season, with former Chelsea manager Antonio Conte being tipped to take over.
Lopetegui was sacked as Spain coach days before last summer's World Cup finals after it emerged he had agreed to take over at Real Madrid after the tournament, but he has endured a torrid few months at the Bernabeu.
Real Madrid are currently on a five-game winless run in all competitions and their 2-1 home defeat against Levante on Saturday appears to have been the final straw.
Reports in Spain suggest Lopetegui's exit will be confirmed imminently, with some familiar names being linked with one of the most prestigious managerial posts in the world game.
Former Chelsea manager Antonio Conte is listed as the bookies favourite to replace Lopetegui, with ex-Arsenal manager Arsene Wenger also listed among the favourites.
Wenger has confirmed that he turned down the chance to manage Real Madrid on a couple of occasions during his lengthy spell in charge of Arsenal and it may be that he is tempted by an offer to return once again now.
Real’s B team manager Santiago Solari is being touted as a possible replacement, if the club's hierarchy decide to install what may be viewed as a caretaker manager before targeting their chief target next summer, with that man believed to be Tottenham manager Mauricio Pochettino.
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