According to Marca, Klopp's preferred next step is not a return to club management but an eventual move to manage the national team. Julian Nagelsmann is contracted to the German Football Association until after Euro 2028, but a poor World Cup this summer could create uncertainty, particularly given that Nagelsmann does not command unanimous support within German football circles.
Klopp has been at Red Bull in a Global Head of Soccer role since January 2025 after leaving Liverpool at the end of the 2023-24 season. He has consistently denied any contact with Real Madrid, calling the reports "nonsense" as recently as March, and has publicly expressed his hope that Nagelsmann continues in the Germany role well beyond 2026.
DFB sporting director Rudi Völler has previously made clear that Klopp would be the federation's first call if Nagelsmann departed.
The 58-year-old's Red Bull contract is understood to include a clause allowing him to leave for a national team appointment. Sport Bild has reported that those within Red Bull are growing concerned he may seek an exit.
Real Madrid's elimination has put immediate pressure on the question of who succeeds Álvaro Arbeloa at the Bernabéu. Klopp remains one of the names on their list, alongside Mauricio Pochettino and Didier Deschamps. Whether the Bernabéu temptation proves strong enough to change his thinking remains the open question.