With speculation gorwing over the future of Liverpool manager Jurgen Klopp, attention has turned to who could replace the German when he eventually leaves Anfield.
Klopp has found himself under increased scrutiny this season after a hugely disappointing first half of the campaign.
Liverpool are currently 10th in the Premier League, 11 points off the top four, and have already been eliminated from the Carabao Cup and FA Cup.
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It is a remarkable decline from a team that came close to winning an unprecedented quadruple only last season.
Klopp has suggested he will stay and fight to turn the club's fortunes around, while reports suggest he retains the full backing of the owners.
But that could change, should Liverpool be eliminated from the Champions League – their last realistic hope of major silverware this season.
Liverpool face Real Madrid in the last 16 of the competition in a repeat of last season's final, which ended in a 1-0 win for the Spanish side in Paris.
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Klopp's counterpart at the Bernabeu, Carlo Ancelotti, also finds himself under pressure, with Madrid currently eight points behind bitter rivals Barcelona in the La Liga title race.
There have been suggestions in the Spanish press that Ancelotti's job could be under threat if they lose their tie against Liverpool.
Nichol backs Ancelotti for Liverpool
Former Reds defender Steve Nicol was asked about the possibility of Ancelotti being sacked at Madrid, and whether the former Everton manager would be the 'right fit' for Liverpool – should Klopp step down from his role.
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"Let me tell you, Ancelotti would be a great manager for anybody, including Liverpool," Nicol told ESPN.
"So, that's not even a doubt."
Liverpool host Madrid at Anfield in the first leg of their Champions League tie on February 21 before the two sides meet again at the Bernabeu on March 15.
Up next for Liverpool, however, is the Merseyside derby against Ancelotti’s former club, Everton, on Monday.
Topics: Liverpool, Jurgen Klopp, Football, Premier League, Everton, Real Madrid, La Liga, Carlo Ancelotti