I really liked Xabi's game intelligence even when he was a football player. It seems that he is also successful in managing. It could have been an important step in his career at Real Madrid, but they wanted to extend the contract with their successful coach Ancelotti. This must have been welcomed by Bayer Leverkusen because if Xabi had an offer, I think he would also want to go to Real Madrid.
Now it seems that we should stop linking Xabi with Madrid because either way this speculation will officially end especially after the direct confirmation that Ancellotti has signed a contract until 2026 then the speculation about Xabi is officially over.
But it does not mean that there are no other clubs that want Xabi's services actually because besides Madrid there are actually several names that have been linked with Xabi before.
Leverkusen's own attitude is still the same where they will not force to survive if Xabi wants to leave but with the current conditions and the increasingly good achievements for Xabi in the Bundesliga then after Madrid who will not be able to be associated with him then it would be better if indeed he stays as Leverkusen coach at least for the next few seasons.