Real president Florentino Perez and his board have seen enough of coach Alvaro Arbeloa and doesn't regard him as a long-term option after he stepped up to succeed the sacked Xabi Alonso this month.
Last night's Champions League defeat at Benfica has Real now facing a play-off to reach the Champions Leeague round of 16 and avoid complete humiliation.
Sky Sports says Real are already planning to replace Arbeloa and talks have been held with agents for Villa's Spanish manager Emery.
The former Valencia, Villarreal and Sevilla coach has rebuilt his reputation across with Aston Villa, guiding the club into title contention in the Premier League this season despite working with a limited budget.
Real are now exploring the prospect of bringing Emery back to Spain this summer. His contract with Villa runs to 2029.