CARLO ANCELOTTI will only be tempted to return to management this season if Arsenal come calling, according to reports.
Bayern Munich axed the Italian manager after Wednesday’s humiliating 3-0 Champions League defeat to Paris Saint-Germain.
AC Milan are said to be lining Ancelotti, 58, up for a sensational return to the club he led to two European titles in 2003 and 2007.
But Mediaset Premium claim he plans on snubbing that offer and taking the rest of the season off – unless he is offered Arsene Wenger’s job.
Wenger signed a two-year contract extension in May following a disastrous season in which fans were calling for his head.
Ancelotti won the Premier League with Chelsea in 2010 but was sacked the following season after leading them to second place, with Andre Villas-Boas replacing him.
Wenger insisted he will “never forget” the “disgraceful” criticism he faced last term.
He said: “I love this club and I am looking forward to the future with optimism and excitement.