Real Madrid head coach Carlo Ancelotti has reportedly informed Brazil that he will not be accepting their offer to become the South American nation's new manager, with the Italian now considering a lucrative move to Saudi Arabia.
All of the signs had been pointing towards the 65-year-old penning a contract with Brazil, with his Real Madrid exit expected to be confirmed in the coming weeks, but a major U-turn has allegedly now been completed.
According to Marca, Ancelotti travelled to London on Wednesday with a view to signing an agreement with Brazil, but that did not happen, and he has now told the president of the CBF Ednaldo Rodrigues that he will not become the national team's new boss.
The report claims that Brazil had been pushing for Ancelotti to join them at the start of June for their next matches, but he made it clear that an exit would not be possible until August.
As a result, it is now seen as likely that Ancelotti will now lead Real Madrid into the Club World Cup, which begins in the middle of June, before potentially stepping aside once the tournament has concluded.
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Ancelotti 'says no' to Brazil, could now move to Saudi Arabia
It is understood that Ancelotti is the subject of interest from an unnamed Saudi Arabian club which could earn him €50m (£42.5m) net per season, which would be an incredibly difficult offer to turn down.
According to Globe Esporte, the Brazilian Football Federation decided to end negotiations with Ancelotti due to difficulties when it came to negotiations with Real Madrid over his termination fee.
The report claims that Real Madrid's board of directors had been looking for Brazil to pay the termination fee in Ancelotti's contract, which is due to expire in June 2026, but an agreement could not be reached.
Al-Hilal head coach Jorge Jesus is allegedly now the heavy favourite to become Brazil's next manager, with the national team desperate to have a new boss in place before their clash with Ecuador on June 3.
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Ancelotti 'has substantial offer' from Saudi Arabia
Jesus's departure from Al-Hilal could open up the Saudi Pro League side as an option for Ancelotti, and it would be some turn of events if the Italian ended up replacing the 70-year-old at the club.
Ancelotti is believed to have had his head turned with the substantial amount of money on offer from Saudi Arabia, and it could be the perfect move for him at this stage of his career.
Real Madrid have fallen short in the Champions League and Copa del Rey this season, but the capital giants did lift the UEFA Super Cup last August, so silverware has been secured for the 2024-25 campaign.
Los Blancos are also still battling for domestic success, sitting second in the La Liga table, four points behind leaders Barcelona, and the two teams will lock horns for a possible title-deciding contest on May 11.
Matt Law
