Spanish daily Marca reported that Calderon held a crisis meeting on Sunday, after which Schuster was notified by the board's consternation.

Apart from the early exits from the Spanish Copa del Rey and the UEFA Champions League, Real suffered a series of dismal league results over the past couple of months.

The latest home defeat to Valencia triggered Calderon's anxiety though, as reports suggest that the impatient president could be soon looking for a new coach.

Calderon sacked Fabio Capello last summer, despite the Italian's feat of leading the team to the Primera Liga title.