Carlo Ancelotti to meet Real Madrid president, expected to stay - sources

Will Carlo Ancelotti continue as Real Madrid coach after lopsided UCL loss? (1:58)

Alex Kirkland weighs in on Carlo Ancelotti's future following a 4-0 defeat in the return leg against Manchester City. (1:58)

Real Madrid president Florentino Perez will meet with head coach Carlo Ancelotti in the coming days to discuss plans for next season, with sources telling ESPN his job is not at risk.

Wednesday's 4-0 defeat to Manchester City in the Champions League semifinal this week has been met with great disappointment at the Bernabeu, but the club are wary of making drastic decisions in the heat of the moment.

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There has been speculation about the future of Ancelotti, who has been targetted for the vacant Brazil job, but various sources have told ESPN that Perez's plan is to stick with the Italian, who has a contract until the summer of 2024.

Ancelotti has been criticised for playing a 4-3-3 formation against City and for bringing Eder Militao back into the defence when Antonio Rudiger had nullified opposing striker Erling Haaland in the first leg -- which ended in a 1-1 draw in Madrid.

However, sources within the club believe the blame should be shared among the playing squad, acknowledging Madrid's inferiority against City and admitting changes are needed over the summer.

Sources have told ESPN that Perez and Ancelotti will meet in the coming days to start planning for the 2023-24 campaign, although sources said it is normal protocol for the president and head coach to meet once there is nothing left to play for.

Following their Champions League exit, Madrid's season is effectively over. They have four games to go in LaLiga and are still competing for second place with Atletico Madrid -- Barcelona have already wrapped up the title -- having won the Copa del Rey earlier this month.

Various players have expressed their desire for Ancelotti to remain in charge after the City setback and sources indicate to ESPN it would be a surprise if he did not fulfil his contract.

ESPN reported in October that Madrid are closely monitoring former midfielder Xabi Alonso's work at Bayer Leverkusen, although sources have said the club feel it is still too soon to give him the top job at the Bernabeu.

Former manager Zinedine Zidane could emerge as another alternative for the post, with sources telling ESPN the relationship between the coach and the club is once again "very good," despite the manner of his departure in 2021.

Zidane, who won three Champions Leagues during two spells as Madrid coach, has been out of work since leaving two years ago. He had been tipped to take over as the France boss but the chances of that happening soon have reduced with Didier Deschamps' decision to renew with Les Bleus.

Meanwhile, other options -- B team coach and former striker Raul Gonzalez, Julian Nagelsmann and Mauricio Pochettino, who is set to take over at Chelsea -- do not generate a consensus among the board of directors.

Ancelotti has an offer to take over the Brazilian national team but has said publicly that his plan is to see out his Madrid contract.

Madrid are not planning a revolution this summer but will look to rejuvenate the squad, with key players such as Luka Modric, Karim Benzema and Toni Kroos all over 33 years old.

The Spanish giants have already signed Fran Garcia, who will return from Rayo Vallecano to strengthen the left-back position, and are also considering signing a right-back. Vincicius Tobias, on loan with the club's B team from Shakhtar Donetsk, is an option.

ESPN reported last week that members of the club's hierarchy plan to travel to Germany in the coming days to meet with Borussia Dortmund in an an attempt to beat City to the signing of midfielder Jude Bellingham.

In addition, as reported in February, Madrid are also in the market for a new striker, with Mariano Diaz set to leave. The club feel it is essential to bring in someone who can take the burden off of Benzema.