Leeds are on the lookout for a new manager after they decided to sack Jesse Marsch on Monday following a seven-game run without a Premier League win.
The Whites are looking to make a swift appointment but their leading targets being in other jobs currently makes it a more complicated process.
Carlos Corberan is no longer in the race after he signed a new West Brom contract on Tuesday but Leeds have a keen eye on Vallecano’s Iraola.
And according to Spanish sports daily AS, the Spanish side are calm about the situation at the moment.
Their 2-0 win over Almeria on Monday night took them to fifth in the league table and the 40-year-old coach’s stock has only been rising.
He is a disciple of former Leeds boss Marcelo Bielsa and is known for his exciting style of football.
Rayo Vallecano are not losing much sleep over Leeds’ interest and are keen to enjoy their moment of success for now.
It remains to be seen whether Leeds’ interest in Iraola leads to a concrete approach for him in the coming days.