What happened: Villarreal have identified Rayo Vallecano boss Iñigo Pérez as their top candidate to become the club's next head coach, per Fabrizio Romano. Pérez is ready to take over but has asked to delay any formal move until after Rayo's UEFA Conference League final out of respect for his current club.

Why it matters: The appointment would mark a significant step up for Pérez, who has guided Rayo Vallecano on a deep European run while Villarreal prepare for a return to the Champions League next season. The timing reflects a growing convention in European football of allowing coaches to finish continental campaigns before transitioning, preserving competitive integrity for both clubs.

What to watch: Watch for an official announcement from Villarreal once Rayo's Conference League final is complete. Rayo will also need to begin their own coaching search in parallel.