Tottenham fear they will be hit by the fall out after Pochettino was identified as the man the Spanish giants want to replace him.
Spurs are in a position of almost total power however as Pochettino signed a new five-year contract only last week.
That gave the Argentinian a £3million pay rise, taking his salary to £8.5million, and made him the fourth highest paid manager in the Premier League.
Tottenham chairman Daniel Levy, who is notoriously unwavering in his negotiations, can feel confident that any attempt to lure Pochettino to the Spanish capital can be rebuffed, especially as there is no release clause in the new contract.
Zinedine Zidane has stepped down from his role
Real chairman Florentino Perez is a huge admirer of Pochettino however, especially after Tottenham inflicted a 3-1 group stage defeat on the eventual champions at Wembley in November.
And West Ham defender Pablo Zabaleta, who played alongside Pochettino at Espanyol, believes his ex-team-mate would not turn Real down.
“He’s doing a great job in England and recently extended his contract with Tottenham so he’s happy there,” he said.”But if he has the opportunity to take over at a big team, then he will take it.”
Perez also has a much cheaper alternative available in the shape of Arsene Wenger.
It seems incredible that a man who left Arsenal having failed to win the domestic title since 2004 should be in contention – but Wenger insists he turned Real down “two or three times” in his 22 years as Gunners boss.
Zidane bowed out after leading Real to three successive Champions Leagues in just two-and-a-half years.
The Frenchman is understood to have been furious with Perez for not backing him earlier in the season when poor domestic results saw Real finish way behind champions Barcelona in third place.
“What I think is that this team needs to continue winning but I think it needs a change, a different voice, another methodology,” Zidane said. “This is the right moment for all involved – for me, for the squad, for the club.”
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