Real Madrid president Florentino Pérez announced a surprise press conference at 17:00 GMT on Tuesday.
Real have had a series of off-field problems of late and lost El Clásico to rivals Barcelona at the weekend – a win that secured Barcelona the La Liga title.
A move has been suggested for former coach Jose Mourinho.
Mourinho is believed to be Perez’s preferred option after a season of massive instability that unraveled over the past week, culminating in a training ground brawl between Federico Valverde and Aurelien Chouamini. Valverde ended up in hospital with a brain injury and both men were fined €500,000.
Mourinho has another 12 months left on his contract with Benfica, but it includes a one-week release clause at the end of the season.
Real will not win any title this season and lost in the Champions League quarter-finals to Bayern Munich.
Star striker Kylian Mbappe missed El Clásico due to injury, adding to the buzz around the French striker’s decision to go on holiday instead of staying in the Spanish capital and working on his recovery.
A petition calling on the club to sell Mbappé has reached nearly 70 million signatures.
Real Madrid dismissed Xabi Alonso last January after less than eight months in office, with his former Liverpool teammate Alvaro Arbeloa taking over.
