What happened: Villarreal have identified Rayo Vallecano manager Iñigo Pérez as their clear favorite to become their next head coach, per Fabrizio Romano. Pérez is ready to take over but wants to finish Rayo's Conference League final campaign first out of respect for the club. No formal move will be made by Villarreal until Rayo's European run concludes.

Why it matters: Villarreal secured Champions League qualification for next season, raising the stakes on the managerial hire and the resources available to the new coach. Pérez has earned recognition for guiding Rayo Vallecano to a Conference League final, a rare European run for the Madrid side. The timing constraint shows Villarreal are willing to wait rather than disrupt a rival's biggest match of the season.

What to watch: Watch Rayo Vallecano's Conference League final result and the timing of Villarreal's official announcement. Pérez's transition terms and any compensation to Rayo will follow the final.