Florentino Perez's patience has been wearing thin after Real Madrid went five matches without a win
The dreadful stretch of form was ended in unconvincing fashion in midweek as holders edged past Viktoria Plzen in the Champions League
The Galacticos have struggled to replace the huge void left by Cristiano Ronaldo who joined Juventus for £88m in the summer
The Czech champions had there fair share of chances and the victory was perhaps just papering over the cracks at the Bernabeu
Julen Lopetegui's side were thumped 5-1 by Barcelona in El Clasico at Camp Nou. Luis Suarez scored a hat-trick while Philippe Coutinho and Arturo Vidal were also on target
According to Spanish newspaper Marca, this was the final straw and has pushed Perez over the edge
Guillem Balague confirmed Conte is heading back to London from Egypt where he has been on holiday
The Italian will then arrive in Madrid and take over from Lopetegui who will be sacked on Monday, according to Marca
Conte was sounded out by Perez in the summer but declined the offer to replace Zinedine Zidane as he wanted a break from football
The 49-year-old won the Premier League title in his first season as Chelsea boss before winning the FA Cup last season
He departed Stamford Bridge in strange circumstances with Maurizio Sarri appointed manager shortly after he had been formally relieved of his duties
Real Madrid Castilla boss Santiago Solari could take temporary charge of Wednesday's Copa del Rey game against Melilla
Perez left the Nou Camp as soon as the final whistle blew and did not speak with any of the players or the manager
Real Madrid currently sit ninth in the La Liga table, which may have effectively already knocked them out of the title race
The defeat leaves them seven points behind leaders Barcelona who now appear to have come out the other side of a major sticky patch themselves
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