The RFEF's arrangement with Saudi Arabia is on pause for that edition because of a clash with the Asian Cup, running from 7 January to 5 February, leaving Las Rozas fielding a wide range of offers.
Qatar had long been considered the frontrunner given the calendar clash, but that route is reportedly now less certain following the United States and Israel's strikes on Iran and Tehran's response, with Doha understood to have been among the targets. Football continues as normal in Qatar, and the country has not withdrawn its interest, but organisers are said to be wary of the wider risk attached to the region at present.
Egypt's federation has been in contact with the RFEF over staging the tournament in Cairo, according to reports, joining a list of interested parties that also includes the United States, Mexico and China. Spanish football is said to carry significant weight with Egyptian supporters, giving organisers confidence the tournament would be well received there.
Relations between the two federations have strengthened since they resolved a dispute earlier this year that led to the cancellation of the Finalissima and a friendly in Cornellà; Egypt's federation was said to have appreciated the Spanish body's response to discriminatory chants during that fixture.
The uncertainty comes after the RFEF had already agreed to keep the tournament in Saudi Arabia through to 2030, with Doha pencilled in as the one-off alternative venue for 2027 due to the scheduling clash. That plan now appears to be in flux, with the RFEF said to be assessing all viable options before committing to a final decision in the coming months.
Whichever country ultimately wins out, the tournament format itself is not expected to change, with the four-team Final Four structure remaining in place. The Supercopa is scheduled for the first week of February, with the semi-final pairings already confirmed: Barcelona against Atlético de Madrid, and Real Madrid against Real Sociedad.