Real Madrid are due to announce Antonio Conte as their new coach on Monday afternoon, according to Onda Cero.
Conte is still under contract with Chelsea, but the Premier League club would be only too happy to resolve the situation without a lengthy legal battle.
He was fired to make way for Maurizio Sarri several days after pre-season training had already begun.
Conte led Juventus to three Serie A titles and Italy to the Euro 2016 quarter-finals, before guiding Chelsea to Premier League glory and the FA Cup.