The Spanish giants are ready to offload current coach Juande Ramos if he fails to get them past Liverpool in the Champions League.
Real are ready to begin the persuit of Wenger at the end of the season, according to News of the World.
Florentino Perez, who is expected to be named new Real Madrid president in May, is also keen to bring Zinedine Zidane back to the club.
Perez would like to have Wenger as both head coach and general manager and Zidane as the director of the youth academy.
