Fernando Hierro is set to hold talks with Real Madrid vice-president Emilio Butragueno this week.
Butragueno is on orders from Real president Florentino Perez to discuss a return to the club for ex-captain Hierro, who left Real in bitter circumstances two years ago.
Perez now wants to bring Hierro back to Real and it's been suggested a player liaison role will be discussed with Butragueno.
Tension emerged between the players and management last season and Perez believes Hierro's presence as a mediator could assist in the running of the club.