The former Real Madrid assistant coach parted ways with Botafogo this month over a disagreement regarding staffing.
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Ancelotti is eager to jump straight back into management and La Gazzetta dello Sport says Pisa are interested.
Sitting second-from-bottom on the Serie A table, Pisa coach Alberto Gilardino is fighting to keep hold of his job.
Ancelotti, 34, is under serious consideration by the Pisa and would be given the straightforward target of keeping the club in Serie A this season.