I think that for Xabi, Liverpool and Bayern remain priorities, with all due respect, but maybe it’s too early for him to coach Real. Real is the top rung, Xabi showed himself super cool with Bayer, but now he needs to show himself great not with an underdog, but with a top club like Bayern/Liverpool in order to finally enter the club of elite coaches.
By the way, most likely Zidane, having seen what kind of lineup Real has assembled, will try to return

It’s obvious to the naked eye that with such a team you can try to repeat Zidane’s achievement and win the Champions League three times in a row.
Liverpool and Bayern Munich are the two teams he has been linked to the most because of his past achievements as a player in those clubs. And seeing how in need of a new coach they are, he could consider them and join any of them after leaving Bayern Leverkusen.
Real Madrid have a great squad line up now and any coach that gets to manage this squad well will win more big m records to their names and their achievements will be much in a short time. The repetition of the Champions Legaue Trophy three times in a row can be replicated by Real Madrid again with this kind of squad they’ve put together.