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I think that for Xabi, Liverpool and Bayern remain priorities, with all due respect, but maybe it’s too early for him to coach Real. Real is the top rung, Xabi showed himself super cool with Bayer, but now he needs to show himself great not with an underdog, but with a top club like Bayern/Liverpool in order to finally enter the club of elite coaches.
By the way, most likely Zidane, having seen what kind of lineup Real has assembled, will try to return
It’s obvious to the naked eye that with such a team you can try to repeat Zidane’s achievement and win the Champions League three times in a row.
Zidane returning is not a very weird thing as you said, because anyone would like to manage Real Madrid looking at the squad that they are going to build. But it is unlikely in my opinion. Xabi Alonso has already proved himself I believe.
However, you made a good point that he might want to try to manage some other big clubs instead of Real Madrid at first. And that's where I think Bayern Munich comes into play. Because they do not have big competition in the Bundesliga. And it can easily be great for Alonso to have some achievements under his belt. But I believe the hype that he is creating, and if he wants to live up to that he should take the managerial job of Liverpool. Because remember, Real Madrid is not yet an option right now. And by the time Real Madrid requires a new coach, he will be ready.
I think the Real Madrid option for Xabi is too early. I think he needs to prove himself a little more. He can stay at Bayer Leverkusen for another year or consider the Liverpool option. I think Xabi can be successful in both options. If Xabi leaves the team at the end of the year, other big teams in Europe can easily make offers to the Leverkusen players who made history this year. They even transfer them. But if Xabi stays for 1 more year, I don't think the players will want to leave. They owe Xabi a debt and I think they need to pay these debts.
In my personal opinion, I think he has proved himself enough. I believe he has proved that he can be able to bring good performance with even a mid level squad. I understand where you guys are coming from. You guys want to see team managing a good squad because a lot of the time a coach can sometimes be a good manager for weak teams but mess up when it comes to managing a big club. So I guess it will be good if he proves himself with big clubs as well. But I don't think it is too necessary.