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Reports suggested that Prandelli has signed a two-year deal with the club, and the announcement of his appointment is expected soon.
Cristiano Ronaldo does not want to become a manager when he retires, although he may change his mind in several years.
Barcelona and Real Madrid have assured La Liga officials that they will temporarily suspend any involvement with a breakaway European Super League.
The club believe that adding Madrid to the name would make the club more attractive to sponsors.
Granada have dismissed coach Paco Jemez after the club's worst start to a season since the 1944-45 campaign.
Atletico Madrid midfielder Augusto Fernandez has promised to come back strong after having surgery on a torn anterior cruciate ligament.