If Jose Mourinho is to leave, Carlo Ancelotti is arguably one of the best replacements Real Madrid could have. His resumé isn't as impressive as Mourinho's, but he's still won a Barclays Premier League title and two Champions League trophies. After those, the Serie A and the FA Cup are also meaningful titles for any given coach.
Le Parisien reports that Real Madrid and Ancelotti have the agreement to cross each other's path as soon as Mourinho decides to end his adventure with los blancos. 2013 is election year for Real Madrid's presidency, so Florentino Pérez won't likely fire the Portuguese coach. But Mourinho could leave at the end of the season, if reports are to be believed.
Michael Laudrup, Rafa Benítez and Carlo Ancelotti seem to be the main candidates to replace The Special One.