Carlo Ancelotti has ruled himself out of the running for the currently vacant Italian national job, with the former Bayern Munich boss keen to secure another club contract, according to reports in Italy. 

The 58-year-old met with the Italian Football Federation's emergency leader Roberto Fabbricini and deputy Alessandro Costacurta in Rome on Monday, from which the governing body chiefs were planning to propose a four-year contract to the managerial veteran.

However, according to La Gazzetta dello Sport, the ex-Chelsea and Real Madrid coach is not prepared to put his name to the role ahead of the May 20 deadline; which was indicated by the FIGC, in the hope of securing a more lucrative deal at club level. 

Ancelotti was said to be earning around £8m a year at the Allianz Arena before his sacking in September following Bayern Munich's humbling at the hands of Pairs Saint-Germain; over double what he would take away from the Italy post. 

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The report goes on the claim that although the tactician is yet to secure his future elsewhere, he has been made aware of a number of offers for his services.

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With the Italian ruling himself out, former Manchester City and current Zenit St. Petersburg boss Roberto Mancini is now most likely to take the position Giampiero Ventura's dismissal made available after failing to guide Gli Azzurri to the World Cup finals for the first time in 60 years. 

The 53-year-old is said to be interested in the post, and it is thought the Russian club's hierarchy would be willing to allow their man in the dugout to depart this summer. 

Failing that, however, ex-Leicester City Premier League winning manager Claudio Ranieri, who is currently overseeing French outfit Nantes, is an outsider.