If Guti is appointed it would be the second "in-house" appointment made by club president Florentino Perez after Zidane made the step up from coaching Real Madrid B in 2016.
Former Los Blancos stars Michael Laudrup and Jose Miguel Gonzalez Martin del Campo, also known as Michel, were added to Real's list of potential candidates by Marca, and even Clarence Seedorf's name has been mentioned.
The president of Spanish third division side Real Murcia has said his club's plans to appoint Guti as coach this summer were scuppered because the former midfielder is set to take over at Real Madrid.
Guti is a product of the Real Madrid youth system and enjoyed a glittering 15-year career at the club - lifting five La Liga titles and three Champions League trophies and appearing 542 times.
"Guti is going to coach Real Madrid so he can not coach Murcia".
"It's a shame that Zidane didn't resign two days later", he added. "Guti called me to thank me for my interest".
"He's competitive and I think he can find a good solution, and he can find a new [type of] football, because you know the Premier League and LaLiga is not the same football". Have your say in the comments section below.
Bison gores woman in Yellowstone's 3rd recent animal attack
In 2017, there was only one incident at Yellowstone of a visitor being injured by a bison while 2015 saw five such incidents. Kim Hancock, 59, of Santa Rosa, Calif., stood within ten yards from the bull bison when the angered creature charged.