Jupp Heynckes' agent claims the Champions League-winning coach would be willing to return to Real Madrid if the Spanish giants' president Florentino Perez comes calling this summer.
Madrid are in the market for a new coach with Jose Mourinho leaving the Bernabeu after next week's final round of Primera Division matches, and Carlo Ancelotti looks to be in pole position to replace the Portuguese.
However, Ancelotti still has another year on his contract with Paris St Germain and, if the Italian ends up staying at the Ligue 1 champions, Madrid will need to look elsewhere for Mourinho's successor.
Should that be the case, Heynckes, who guided Bayern Munich to the Champions League title on Saturday, could be an option.
The 68-year-old is leaving Bayern this summer and has been linked with a possible return to Madrid, with whom he also won the Champions League in 1998.
His agent Enrique Reyes was quoted as telling Spain's Radio Nacional: "Jupp would be happy and willing to return to Real Madrid. If Florentino calls us, we would probably accept the offer.
"At the moment he's only retiring from the Bundesliga, although right now he's only thinking about the German cup final."
Bayern, who also lifted the Bundesliga title this season, face Stuttgart in the DFB-Pokal final next Saturday.