One potential replacement is Xabi Alonso, the current manager of Bayer Leverkusen, who is said to be a top candidate to take over at Real Madrid. However, Ancelotti has expressed interest in becoming the head coach of the Brazil national team if he leaves his current position.

Legendary coach Arrigo Sacchi, a friend of Ancelotti's, has urged Real Madrid to reconsider letting him go. Sacchi believes that Ancelotti is a highly accomplished coach with many achievements, including his trophies and his positive human qualities.

"What bothers me is that everyone criticizes Ancelotti for the team's elimination from the Champions League and blames him," Sacchi said in an interview. "Do people really know who Ancelotti is? Do they know about his accomplishments? I consider him a true master of football, not just for his trophies but also for his kind heart."

Sacchi thinks that Real Madrid should carefully consider whether to part ways with Ancelotti, who he believes is a valuable asset to the team.