Zidane led Real to their third consecutive Champions League triumph on Saturday as they beat Liverpool 3-1 in Kiev, having become the first team to retain the trophy the previous season.
Now the bookmakers believe it is Wenger who is most likely to take over from his countryman after that wildly successful two-and-a-half years in charge.
Wenger, who stepped down from his role as Arsenal manager at the end of the season, is just 5/2 to be the next Real Madrid manager.
The Frenchman stated his desire to remain in football, at 68-years-old, and had previously been linked to jobs with Paris Saint-Germain, Everton and the France national team.
Tottenham manager Mauricio Pochettino is also thought to be in the frame (3/1) despite having signed a new five-year contract with Spurs last week.
Real Madrid youth team coach Guti (11/2), Chelsea boss Antonio Conte (7/1) and Germany manager Joachim Loew (7/1) are also in the running.
The bookies are also not ruling out the likes of Max Allegri (16/1), Diego Simeone (22/1) and Liverpool boss Jurgen Klopp (22/1).