Ancelotti was axed by Bayern this week.
Mediaset says Ancelotti has decided to put his feet up for the rest of this season and continue travelling.
He does not intend to come back to Italy until 2020, at which point he’d see the options available.
There is only one job Ancelotti would take during this current campaign – and that is Arsenal.
It would mean a return to London for Ancelotti after his time with Chelsea.