According to 'Mundo Deportivo', 'Los Blancos' main target is none other than Germany boss Joachim Low. The World Cup winner has been managing 'Die Manschafft' since 2006 and is under contract with his country until 2020, but it seems Perez could be willing to pay the requisite compensation to the German FA to take him out of that contract early.
Zidane would also be due a hefty sum if Real Madrid were to go down this path as he has two years remaining on his contract.
It would be harsh on the Frenchman to let him go after one poor season, especially after he won back to back Champions Leagues in his first season and a half, but Perez is a business man first and foremost and will always put the club's interest first.
Should Low reject the advances, other potential candidates include Max Allegri, Mauricio Pochettino, Jurgen Klopp, Mauricio Sarri and another Real Madrid legend: Guti.