Paris Saint-Germain manager and former Chelsea boss Carlo Ancelotti has been identified as a potential candidate to replace Arsene Wenger if he leaves Arsenal this summer, according to Metro.
Ancelotti will reportedly, however, reject any advances from Arsenal - as well as possible interest from Manchester City - in order to replace Jose Mourinho at Real Madrid.
Arsene Wenger's position as Arsenal boss is looking more perilous than at any point during his 16-year tenure with the north London club, with a shock FA Cup defeat against Blackburn followed by a Champions League lesson from Bayern Munich.
Arsenal are also 21 points from the top of the Premier League, and four behind fourth-placed Tottenham, and only an unprecedented turn of events will prevent the Gunners ending the season empty handed for an eighth successive year.
Whether or not the Arsenal board are realistically considering replacing Wenger in the summer remains to be seen, but French newspaper Le Parisien quotes a source close to Ancelotti suggesting there is interest from the Emirates Stadium.
However, a report from The Sun earlier this week claimed that Wenger is set to agree a two-year extension to his current contract with Arsenal, which expires in 2014.
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