The former Denmark international has recently been linked with the Madrid job, and the defender feels a move to the Blancos could be a tempting opportunity.
Laudrup has recently been linked with a move to the Santiago Bernabeu side amid ongoing rumors that current head coach Jose Mourinho could leave the club in the summer.
And Rangel feels the prospect of a move to Madrid could prove to be too much of a temptation to resist for the Swansea manager.
"Laudrup deserves all the plaudits he gets," Rangel said. "He is having an incredible season. Let's not forget that he was once a Real Madrid player, he is a big figure in world football and if the opportunity arose, it would be difficult for Swansea to keep him here.
"It's difficult to turn down a club like Real Madrid when they come knocking. Here at Swansea, if you are doing a good job, bigger clubs take notice."
The 48-year-old took charge of Swansea at the start of the 2012-13 campaign and guided them to League Cup glory last month.