Real Madrid’s elimination from the UEFA Champions League has raised serious doubts about Ancelotti’s future at the Santiago Bernabéu. Speculations suggest that if the opportunity arises, he could return to Serie A to take charge of one of his two favorite clubs.

Real Madrid suffered a 5-1 aggregate defeat against Arsenal in the quarter-finals, leading to reports from several Italian and Spanish media outlets that the club is considering his dismissal even before the season ends.

Ancelotti has insisted he does not want to discuss his future at the club. However, with Real Madrid still in a tight La Liga title race—trailing Barcelona—and a Copa del Rey final ahead, even a slight misstep could be fatal for the Italian coach.

With his position under threat and the likelihood of him being unemployed this summer increasing, Gazzetta dello Sport reports that both Roma and AC Milan could be potential destinations, as both clubs are currently searching for new managers.

Although Ancelotti previously stated he planned to retire after his time at Real Madrid, the newspaper notes that he has always expressed a special affection for these two Serie A giants. He once said, “Sooner or later, I will return to Roma,” and described Milan as the club that “shaped his life”—a club he considers “special” alongside Real Madrid.

Thus, his departure from Real Madrid could open the door for a return to San Siro or his first managerial experience at the Stadio Olimpico—where he spent eight seasons as a player.

Timing could be crucial, as both clubs may appoint new managers before Ancelotti’s situation is finalized. However, the prospect of competing in European competitions next season could also play a significant role in his decision.