Iraola leaves Bournemouth at the end of his contract following a third consecutive top-half Premier League finish and a fifth-place placing that delivered Europa League football to Dean Court — a remarkable achievement for a club of Bournemouth's financial scale.
AC Milan had met with Iraola in person last week in England. The Spaniard was considered by the club's ownership alongside other candidates, but the current instability at San Siro — with chief executive Giorgio Furlani, sporting director Igli Tare and technical director Geoffrey Moncada all dismissed alongside Massimiliano Allegri — makes it difficult to offer a coach the clear sporting framework he would require before committing.
Crystal Palace are also pursuing Iraola as the replacement for Oliver Glasner, who leaves after winning the Conference League. Sky Sports reported on Thursday that a move to Palace is similarly unlikely at this stage.
The manager's preference, according to multiple sources, is Bayer Leverkusen. The Bundesliga club are planning to replace Kasper Hjulmand before the start of pre-season and had initially hoped to land Filipe Luís — the former Flamengo coach who was dismissed in March following revelations about unauthorised contact with Chelsea. Luís has since agreed terms with Monaco, clearing the path for Iraola.
Liverpool's name has also appeared. Sky Italia reported that the Merseyside club made contact with Iraola's representatives to gather information in the event that Arne Slot's position becomes untenable. Slot's job is currently understood to be safe following a meeting with the club's board this week, which means the Liverpool avenue is hypothetical rather than active.
Leverkusen offer Champions League football, a well-structured club and a project with genuine ambition. Iraola's philosophy — high-pressing, tactically flexible, physically demanding — has consistently produced results at clubs without elite resources.
Leverkusen have resources. And they are running out of alternatives.