Real Madrid officials are convinced Gareth Bale could seek to break his contract and retire after the Euros.
The prospect was floated in the English press last month after his season-long loan with Tottenham.
And today Marca says Bale is seriously considering the prospect as he prepares to lead Wales at this month's Euros.
Real chiefs expect Bale to seek to terminate his deal 12 months early - at zero cost - before making a final decision about whether to play on or hang up the boots.
Real's board would welcome the decision as it would mean saving €22m in salary.
Bale said on Friday: "I know Carlo (Ancelotti) and he's a great coach. I get along very well with him. We have had great moments in the past. I don't think about my future now. When the Euro is over I'm sure there will be a discussion and from there we'll see. But I don't think of anything beyond the European Championship."