Real Madrid will reportedly appoint Antonio Conte as their new manager today.
Julen Lopetegui will pay the price for the club's dreadful start to the season that sees them languishing in ninth place in La Liga.
Real were humbled 5-1 by rivals Barcelona on Sunday with Luis Suarez scoring a hat-trick.
And former Chelsea boss Conte will take over after coming to a settlement agreement with his former club.
Real have lost five of their last seven matches in all competitions, winning just once.
© Credits: Toni Albir/EPA-EFE/REX/Shutterstock It took Barca just 11 minutes to take the lead through Philippe Coutinho and his former Liverpool team-mate Suarez made it 2-0 in the 30th minute from a penalty that was awarded following consultation with VAR.
Marcelo pulled a goal back as Real improved at the start of the second half but Barca struck three times in the final 15 minutes - Suarez completing his hat-trick and Arturo Vidal wrapping things up - to clinch a win that leaves them a point clear at LaLiga's summit.
Related: Antonio Conte's best 8 moments in the premier league as Chelsea manager
Lopetegui was defiant at full-time but will be given the boot just months after taking over.
The Spaniard was sacked by his national team on the eve of the World Cup after news was leaked that he would take over from Zinedine Zidane at the Bernabeu.
He said: "I'm sad and it's a tough one, but it's only October and I have the strength to think that we can turn this around and I have confidence in the group.
© AFP Out of work Antonio Conte could be set for a new job in football
"Little by little the players are finding form and we've had a lot of injuries. I can continue to lead this group without a doubt.
"A defeat is always hard and against Barcelona even more so. We had the opportunity to turn it around, creating clear chances to draw and win the game in the second half. In the first they were superior and in the second we changed things and were better.
"The result doesn't reflect the game, but it's like that. In the first half we had chances, but the penalty set us back. In the second half we hit the woodwork and had a lot of chances. It wasn't to be.
"We can only blame ourselves for not having had the ball and not making them run more. With the score at 3-1 the match was effectively over."