Although sitting proudly on top of La Liga with only three defeats from twenty five games this season, the nine times European Champions have once again failed to progress past the last sixteen stage of Europe's elite competition.
The one saving grace that may save the Chilean his job is the fact that he is club president Florentino Perez's man, who feels his name would be tarnished if Pellegrini does not prove a success. By success I mean wrestling the Spanish title away from bitter rivals Barcelona, the only silverware that remains on offer after Real's humiliating 4-1 Copa del Rey exit at the hands of third division outfit Alcorcon.
Let's hope for his sake the Bernabeu fans keep their white hankies in their pockets for a little while longer.
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