Follow ooh to be a Gooner on Facebook and Twitter for more latest Arsenal news, match analysis, transfer news, injury news, team news and rumours from reliable sources around the World.
Report in Italy claims Arsenal have a pre contract deal with Carlo Ancelotti in place to take over at Arsenal.
The Italian has not returned to football management since being dismissed by Bayern Munich last September.
Ancelotti had also been linked with becoming the Italian national team boss, but that position has now been filled by Roberto Mancini.
Mikel Arteta is reportedly the leading candidate to replace Arsene Wenger as Arsenal manager, but the Gunners hierarchy are considering several candidates.
Patrick Viera, Luis Enrique and Julian Nagelsmann have all bee touted as potential replacements.
Ancelotti, who still owns a house in London, is supposedly waiting for Arsenal to reject their alternative choices and make a move for him. The 58-year-old already possesses Premier League experience having won the title and the FA Cup in his first season with Chelsea.
Follow oohtobeagooner on Facebook and Twitter for more latest Arsenal transfer news, injury news, team news and rumours.