The 65-year-old will take his first step into international management with the Brazil national team, taking charge for their 2026 World Cup campaign.
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According to the Telegraph, Ancelotti will earn a massive £8 million from the five-time world champions, more than any other international manager.
Ancelotti leaves Real Madrid after a disappointing season as they look likely to go without winning a single trophy.
Former player Xabi Alonso is widely expected to succeed the legendary Italian coach, joining from Bayer Leverkusen.