Real were celebrating the club's 29th Spanish league title on Monday, after keeping Real Sociedad at bay with a 3-1 win at home to Athletic Bilbao on the final night of the season.
It followed Champions League wins in 2000 and 2002, either side of another domestic league title in 2001, and strengthened Del Bosque's status as by far the most successful coach in Spain.
As well as his hugely successful track record, Del Bosque enjoys the unswerving loyalty of his players, but even that may not be enough to keep him in his job.
The 52-year-old's contract is up at the end of the season and he has still not agreed a new deal with club president Florentino Perez.
"I don't know if I'm going to continue or not," the unassuming Del Bosque told Telemadrid on Monday. "It's hard to please everyone in football, particularly at a club like Real Madrid.
"The decision should be well thought out and taken in the best interests of the club."
According to widespread media reports in Spain, Del Bosque is being offered a one-year extension on the same terms as his current contract.
For the first time, Del Bosque has appointed an agent to negotiate with the club and it is still far from certain whether an agreement will be reached.
"I may have to accept what other people may think about the situation," Del Bosque said. "At Real Madrid we have the best players in the world and one might think that success is down to them."
Perez described Del Bosque as "very important" to Real Madrid on Monday but stopped short of confirming the coach in his post.
