Everton are set to spend significant funds in the transfer market this summer, as Carlo Ancelotti eyes major upgrades in two positions, according to Football Insider.

What's the latest news on Everton's transfer plans?

The Toffees are keen to prioritise signing a right winger and a centre-back in the upcoming transfer window as they look to build on their promising 2020/21 campaign.

It is understood that Ancelotti is not currently satisfied with his options on the right flank, with Richarlison and Alex Iwobi more suited to the left wing, and James Rodriguez playing more centrally as the season has progressed.

The veteran coach also wants to bring in a central defender who can become a leader at the back for the team.

How much will Carlo Ancelotti and Marcel Brands be given to spend?

Everton had a busy summer last year, adding defender Ben Godfrey along with midfielders Allan, Abdoulaye Doucoure and Rodriguez to their squad. It seems that they are prepared to spend big again this time around.

Owner Farhad Moshiri is set to fully support Ancelotti in the market, which could see Everton's director of football Marcel Brands spend in excess of £100m on top-class talent over the coming months.

Who have Everton been linked with?

The club have been linked with a high-profile right winger in recent days. Ancelotti is reportedly keen on reuniting with Gareth Bale next year, and could make a move for the Real Madrid loanee at the end of the season. The 31-year-old has scored nine top-flight goals for Spurs this season, showing glimpses of his class.

In terms of central defenders, Everton are believed to be eyeing a pair of Serie A players. They are rumoured to be interested in Napoli's Kalidou Koulibaly and Juventus' Merih Demiral.

A sign of Everton's ambitions?

Having finished 12th last term, Everton have taken some positive steps forward this year and could secure European football in the next fortnight. However, it appears that they want to push on again in 2021/22.

The calibre of players that they are said to be targeting shows how ambitious the club are. Bale won four Champions League trophies at Real, while Koulibaly and Demiral have lifted silverware during their time in Italy.

Earning a trophy seems to be the next step for Everton - they are trophyless since 1995 - and if they can strengthen their options out wide and in defence, there is no reason why Ancelotti and his side cannot end that barren spell in the near future.