The 55-year-old left Real Madrid at the end of last season after a campaign without major trophies.
Ancelotti is currently tasked with leading Brazil to a World Cup victory, but he has already looked beyond that goal.
In a recent interview, he mentioned that it would be pleasant to stay at Real Madrid beyond his current contract and lead the team in the 2030 World Cup.
Ancelotti previously stated that his club management career was over, but he has kept the door open for a potential return to Real Madrid.
He told L'Equipe that Real Madrid is the only team he would consider managing after his time with Brazil.
Ancelotti's comments suggest that he has not ruled out a return to Real Madrid in the future.
It remains to be seen whether Real Madrid will extend an offer to Ancelotti or pursue other managerial options.