Ancelotti’s future as Napoli manager is up in the air following a team mutiny against club owner Aurelio De Laurentiis.
The turbulent period at the San Paolo Stadium came after a poor run of results which led to the controversial chairman organising a training camp – something which was rejected by players and the coaching staff.
Reports in Italy are suggesting that Ancelotti has just two games to save his job considering Napoli have not won a league game since mid October.
However, Tuttosport claim Milan are waiting in the wings and want to bring Ancelotti back next summer should his time in Naples come to an end.
Milan legend Paolo Maldini will engineer a return for the 60-year-old should he stay on in his role as technical director.
Ancelotti enjoyed a successful spell as AC Milan boss between 2001 and 2009 that saw him win the Champions League twice, the Scudetto and two UEFA Super Cups.
Milan have improved since bringing in Stefano Pioli last month but have managed just one win in his first five games as boss.
Ancelotti makes the trip back to his former side after the international break when his Napoli side take on Pioli’s Milan.