Carlo Ancelotti has decided to remain a free agent for the rest of the season but would be willing to replace Arsene Wenger at Arsenal if offered the job, according to reports in Italy.

The 58-year-old was sacked by Bayern Munich on Thursday less than 24 hours after a 3-0 defeat to Paris Saint-Germain in the Champions League group stage.

Since his departure, Ancelotti has been linked with a return to AC Milan but Mediaset Premium claims that the Italian will spend his time away from football for the remainder of the campaign in order to travel.