Spain/Portugal/Gibraltar - help with madrid to lanzarote transfer

Hey all:
we are booked on a flight miami- madrid in early april scheduled to arrive at 9am. We need to get to Lanzarote that day and we were looking into the different flight options. AirEuropa has a flight leaving at 12:10pm that day, easyjet has one at 1:45 but the april dates are not available for booking yet (or maybe they don't fly there during that month?) . iberia flight is way too expensive, and spanair flight is too early in the am.

question is do u think we'd have enough time to make the connection (3 hours if no delays) from terminal 4 to terminal 2(aireuropa)? any other suggestions? thanks everyone!!!!

question is do u think we'd have enough time to make the connection (3 hours if no delays) from terminal 4 to terminal 2(aireuropa)? any other suggestions? thanks everyone!!!!

I hesitate to say it, but if it's a Mon or Thurs-Sat, Ryanair has a flight at 14:25 or 14:50. Usually very cheap if booked early.

A hint about IB flights... wait for a sale and book round-trip with a throw-away return.