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Carlo Ancelotti will become Real Madrid manager for the second time in the coming hours and his contract with current club Everton will be terminated.
'Los Blancos' have been on the hunt for a new manager since Zinedine Zidane decided to step down last week after a trophyless season.
Rumours regarding a replacement have swirled all week and this morning saw news break that Ancelotti was favourite.
Fabrizio Romano has since confirmed the reports and the Italian will be leaving Everton after 18 months in charge.
Carlo Ancelotti to Real Madrid, here we go! The agreement on the termination of his contract with #EFC is set to be completed, the two clubs are in direct contact then Carlo will re-join Real Madrid. :white_circle::rotating_light: #Real
Expected to be official soon, as per @jfelixdiaz @ellarguero. :checkered_flag::hourglass:
- Fabrizio Romano (@FabrizioRomano) June 1, 2021
The Athletic have also been told Ancelotti's return is a 'done deal' as of Tuesday afternoon.
Ancelotti previously managed Madrid between 2013 and 2015, delivering a tenth Champions League title in 2014 that was dubbed 'La Decima'.
Earlier this month, the Italian dismissed a return to Madrid and insisted he was happy on Merseyside.
"This is good publicity for me to be linked with Real Madrid but it is not true," he told Sky Sports. "I am really happy to stay here.
"We have difficulties of course, but I feel good at Everton and my target is to make Everton better and better every year."
This season, the high-profile arrival of James Rodriguez and Dominic Calvert-Lewin's form had Everton dreaming of European football.
However, they slumped towards the end of the season and ended up finishing 10th in the Premier League.
Zidane's departure at the Bernabeu comes after a tough season that saw his squad riddled with injuries.
Despite that, they were still in the La Liga title race until the final day and reached the Champions League semi finals.