Carlo Ancelotti has reportedly turned down the Italy national team manager's position in favour of returning to club management, in what could be good news for Arsenal.
The latest reports are that former Manchester City manager Roberto Mancini has reached an agreement with the Italian FA to become the next head coach after Ancelotti rejected the opportunity.
As reported by the Mail, Ancelotti - who has won league titles in Italy, England, France and Germany - favours a return to club management, with Arsenal rumoured to be a possible destination for him with Arsene Wenger leaving.
The Gunners have been linked with a number of names since Wenger's shock announcement on April 20, and the current favourites for the role are Max Allegri and Luis Enrique. But Ancelotti could be about to come back into the picture.
Speaking about his decision to turn down the Azzurri, he said: "He [Mancini] is a great manager with a lot of experience worldwide.
"The national job would be in very good hands. I personally have decided to manage a club. I don't know if it will be in Italy or abroad, but I could also carry on as things are because there aren't many concrete possibilities."
Something that could well happen if Ancelotti does not end up the new manager at the Emirates is for Allegri to get the gig as many now expect, and the 58-year-old to then fill the vacancy at Juventus for the second time.