The Italian has been out of management since last summer and is set to sign a three year deal at the German club
Carlo Ancelotti has reportedly agreed to take over from Pep Guardiola at Bayern Munich next season.
Ancelotti and his representatives have been ironing out the finer details of a three year deal over the past few days as the club decided to move quickly to replace the outgoing Guardiola. Bayern are believed to be ready to announce the news of Guardiola's departure on Sunday as pressure mounts on the German club to make an announcement.
Speculation has been rife regarding whether Guardiola would stay at the Allianz Arena or decide to take his expertise elsewhere. It is also believed that he had told Karl-Heinz Rummenigge weeks ago that he would depart at the end of the season.
Ancelotti has been relatively quite regarding the Chelsea position and also distanced himself from the possible Zenit job recently.
Thomas Muller, Xabi Alonso, Jérôme Boateng and Javi Martínez all signed new contract on Friday and it seemed as though the wave of good news for Bayern fans was to be met with news that their manager was leaving the club.