Monchi has been cut loose by Aston Villa and replaced by former Real Sociedad sports chief Robert Olabe this week.
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El Pais says the transfer guru's current plan is to take a break from football after a frustrating final six months at Villa Park.
However, contact has been established between Monchi and Sevilla officials.
Local entrepreneur Antonio Lappi is now evaluating a plan to bring him back as Sevilla sports director, with discussions already underway with several shareholders about the prospect.