Deschamps will leave the France job after the World Cup.
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With Real Madrid unlikely to continue with current coach Alvaro Arbeloa next season, Valdano believes Deschamps would be a positive appointment.
The Argentine told Movistar+: "We are talking about a coach who is a world champion and could be a good fit for Real Madrid.
"We must remember that they have players like Tchouaméni, Camavinga, and Mbappé, and he is a coach who knows them and has managed them well."
Benfica coach Jose Mourinho has been linked with a return,but Valdano says: "Mourinho is already a closed chapter at the club and I don't think he's going to come back."