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The news of his abrupt departure has immediately put Antonio Conte firmly in the driving seat to take over - after he announced his own shock departure from Inter Milan just days after lifting the Serie A title.
Also in contention is former Real Madrid forward Raul Gonzalez, who currently manages Real Madrid's Castilla reserve team.
Incredibly, the 2020-21 season was the first time in 11 years in which Real Madrid failed to win a trophy, with the new head coach tasked with avoiding a repeat.
Following a highly successful playing career in the Spanish capital, the Frenchmen led Real to 12 major trophies as manager, which included three back-to-back Champions League triumphs in his first spell in charge.
Zinedine Zidane has decided to quit as Real Madrid head coach for the second time.
- Sky Sports News (@SkySportsNews) May 27, 2021
It leaves Conte the red hot favourite to take the job, but there are a number of other frontrunners, too.
Antonio Conte is the overwhelming favourite to take over at Real Madrid - and it comes as no surprise, too, given his recent departure from Inter.
While the former Chelsea boss has only spent two seasons managing outside of his native Italy, he has won eight honours in the last decade.
Raul, one of Real's best-ever strikers, has been learning the ropes as a manager of Real Madrid Castilla - but this job opportunity might have come to soon for him, though.
Massimiliano Allegri is another frontrunner for the job, with the Italian still out of work following his departure from Juventus two years ago.
And despite Conte being the red hot favourite to take over at Real, Marca say Allegri is primed to take over at the Bernabeu, with the Italian "never closer" to taking charge than he is at this current moment in time.
Gian Piero Gasperini is a new name that has emerged as a potential candidate for the vacant Real job.
Could he also be on Real's radar? The bookies seem to think so, but only time will tell.
40/1 bar. Odds are correct at the time of publication and are, as always, subject to change.
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