Bayer Leverkusen's CEO has said the club has a "gentleman's agreement" with Xabi Alonso that means he could take over at Real Madrid or Liverpool.

It is no secret that Real Madrid are eyeing Alonso as a possible replacement for Carlo Ancelotti. The Italian manager is on the hot seat after Los Blancos crashed out of the Champions League and could be fired at the end of the season if his team does not win the Copa del Rey and/or La Liga.

Bayer Leverkusen expect a decision over head coach Xabi Alonso’s future to be made in the next three to four weeks. The 43-year-old Spaniard is favoured by Real Madrid to take over from Carlo Ancelotti and Leverkusen CEO Fernando Carro says there is an agreement with Alonso that they would discuss any offers if he is approached by his former clubs.