Carlo Ancelotti is in the final year of his contract with Real Madrid.
The veteran Italian is set to depart from Real Madrid next summer, and would coach the Brazil national team afterwards.
Ex-Real Madrid stars Xabi Alonso, Alvaro Arbeloa and Raul Gonzalez have been linked with the job that will become vacant next year.
Ancelotti has hailed Alonso as a brilliant manager, and also believes Raul and Arbeloa can do the job as well.
“I had Xabi Alonso as a player. He has a high-level knowledge of football,” said Ancelotti.
“He’s doing very well with Bayer Leverkusen. He has that reading [of the game], that capacity.
“I think one day — for Raul [Gonzalez], for [Alvaro] Arbeloa, for Xabi Alonso — their biggest wish is to coach Real Madrid and I want that for them because I know them all, I love them all.
“Let’s hope that one day they can be Real Madrid coaches.”