Former rally driver Carlos Sainz is hoping to lure Arsenal boss Arsene Wenger to Real Madrid, if he wins the club's presidential election on 2 July.
Wenger has insisted he is happy at Arsenal
Sainz has launched a joint-bid with Juan Miguel Villar Mir and he admits their plans include approaching Wenger with a view to taking over at the club.
Asked if he had approached the Gunners boss, Sainz said: "We are in the process of doing that."
"We want a complete overhaul of the whole club," added Villar Mir.
Villar Mir, who would take the role of president, with Sainz as vice-president, said it was more important to attain a good management team ahead of bringing in players.
"You can't start building house with the roof first. We need to secure a general manager and a coach first who will be at the heart of the club," he said.
Former president Lorenzo Sanz, Spanish businessman Juan Palacios, lawyer and economist Arturo Baldasano and Ramon Calderon are the other candidates.
Wenger was linked with the Real job last December following the departure of Wanderley Luxemburgo, but said he would see out his contract at Arsenal, which runs until 2008.