Zinedine Zidane currently manages Real Madrid's B team
Ancelotti is under pressure to reverse Real’s fortunes after a stuttering season that almost saw them dumped out of the Champions League earlier this month.
Officials at the Bernabeu club are reportedly losing patience with the Italian, who managed Chelsea between 2009 and 2011 and whose Real side are still in contention to win the Liga title this spring.
And Zidane, coach of Real’s B team, revealed he would accept an offer to take over from Ancelotti if it was made to him.
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"Yes I would go for that [the Real Madrid job]," he told Canal Plus. "There is already a coach (Carlo Ancelotti) in place who is doing a great job.
"Do I feel ready if I was offered the first team? You are never ready, but if it happened like that I would have to say yes."
Ancelotti, 55, is favourite to take over from Manchester City manager Manuel Pellegrini, who is under equal pressure to win trophies this season.
However, with the Premier League title all City can play for - and they are six points off leaders Chelsea in that race - it appears Pellegrini will be given the sack come July.
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