Zinedine Zidane abruptly left Los Blancos after two-and-a-half years in charge despite winning three Champions League titles in a row with the Spanish side.
It was expected that Real would postpone their search for a new manager until after the World Cup, although former Galactico Guti was backed in as low as 4/6 (1.67) on Monday.
Lopetegui is yet to win a trophy as a club manager and Real Madrid are available at 6/1 (7.0) with dabblebet to continue their incredible Champions League form by lifting the trophy again next season.
Los Blancos beat Liverpool 3-1 in Kiev last month to claim a third European crown in a row and their 13th overall in what was Zidane’s last match in charge.
Domestically, though, the Frenchman could only guide Real to a third-place finish and the capital club are currently 5/4 (2.25) to win La Liga for the second time in three years.
Lopetegui’s inexperience could lead to yet more domestic dominance by Barcelona, with the Spaniard being fired after just 18 months in charge of Porto before taking the Spain job in 2016.
However he is yet to lose as Spain manager ahead of the World Cup, winning 14 and drawing six of his games in charge as La Roja scored a huge 61 times - with six coming in a famous thrashing of Argentina.