i honestly dont know but lets not forget his last year as madrids manager was'nt a very good one. i do agree thou that madrid is suffering with out this man being in charge.
i dont think lippi will be taking madrid, if its capello's last days in madrid i think mourinho is the most likely candidate for managing madrid and if this does happen i think it would be a really good spell for madrid. ( i really want that to happen i would love to see how he handles a team like madrid who has finances, the reputation, and facilities to lure any player to sign for the team.)