Mundo Deportivo reported this week that the 57-year-old has given his agreement in principle to owner Alan Pace, who personally invited Monchi to watch last Sunday's 2-0 home defeat to Real Madrid from his private box at the RCDE Stadium. Television cameras picked up his presence in the stands and speculation immediately followed.
Monchi left his role as director of football operations at Aston Villa in September last year after a two-year spell and currently serves as president of CD San Fernando, the lower-division Andalusian club he intends to continue running alongside any new position.
He would arrive at Espanyol with a trusted support structure, bringing former Sevilla colleague Fernando Navarro and Miguel Ángel Gómez as part of his team. He has also requested no release clause — a condition that reflects his awareness of a potential future return to Sevilla, where Sergio Ramos is in negotiations to take over the club.
Current Espanyol sporting director Fran Garagarza has been on leave since suffering a heart attack in November and has not been informed of any change to his status, despite having a year remaining on his contract.
Monchi's first task, should he arrive, would be to decide the future of head coach Manolo González, who has overseen a winless run stretching to 17 games. Getafe manager José Bordalás — whose work with limited resources Monchi is known to admire — has been identified as a potential replacement.
The entire project, however, hinges on Saturday. Espanyol travel to the Ramón Sánchez-Pizjuán to face Sevilla in a direct relegation battle, needing a first win of 2026 to move to 42 points and ease their survival fears. Sevilla, who climbed out of the bottom three last weekend by beating Real Sociedad, are equally desperate for points.
Monchi built his reputation making Sevilla great. Whether he gets the chance to rebuild Espanyol may depend on what happens at his former club's ground this weekend.