BREAKING: Former Chelsea and Bayern Munich Manager to Become New Real Madrid Boss

- Carlo Ancelotti will be announced as the Real Madrid new manager according to reports from Italy

- The Italian manager who is currently in charge at Premier League club Everton is set for Santiago Bernabeu return

- The former Chelsea and Bayern Munich manager was in charge of Los Blancos between 2013 and 2015

Real Madrid will confirm the appointment of Carlo Ancelotti as their new manager in the next few hours' as the Italian prepares to leave Everton to return to the Bernabeu according to Italian sources via Daily Mail.

Ancelotti managed Real from 2013 to 2015, leading them to the 10th European Cup triumph against Atletico Madrid in Lisbon in 2014.

Now the 61-year-old is set for a second spell after Zinedine Zidane's own second tenure came to an end last week.

Ancelotti won Real Madrid´s tenth Champions League title in 2014, the famous La Decima, and could be set for a sensational return to the club following the resignation of Zinedine Zidane.

He is currently in charge of Premier League side Everton, but a Marca report suggests Real president Florentino Perez has made contact with the Italian.

There were earlier claims that Mauricio Pochettino was linked with the club after Zinedine Zidane walked away.

Zidane resigned having failed to retain his La Liga title and was knocked out of the Champions League semi finals by Chelsea.

After stepping aside from his role as manager with Los Blancos, the door seems to be open to Carlo Ancelotti who has been targeted by the Spanish giants in the past few years.

Meanwhile, Real Madrid can confirm that Bayern Munich legend David Alaba will be their player for the next five seasons.

Los Blancos beat off competition from clubs like Chelsea, Barcelona and others to reach an agreement for the 28-year-old.

The Austrian defender of Nigerian descent is expected to earn around £10.5 million per year after joining them on a free transfer.

Legit.ng earlier reported that Real Madrid have been named the most valuable football club brand in the world for the third consecutive year.

This is according to the Football 50 2021 report published by Brand Finance earlier this week with the value of $1.49b (€1,276m).

Los Blancos beat their arch-rivals Barcelona to the new record as the Catalans are second on the list with the value of about $1.48b (€1,266m).