If Real Madrid win the Champions League could United tempt the Italian to Old Trafford for a new challenge?
Manchester United's 2014 has been little short of disastrous, with manager David Moyes leading the team from one poor result to another.
Lose at home to Liverpool and Manchester City this coming month and his position will come under increasing scrutiny.
Meanwhile in Spain, Carlo Ancelotti has transformed Real Madrid from a very out of sorts side at the start of the season to a well-oiled machine - illustrated in their 6-1 away demolition of Schalke in midweek.
Madrid supporters are growing increasingly excited that their obsession of 'La Decima' - a record 10th Champions League crown, is growing increasingly closer.
It may seem a whirl of fantasy at this point, but could there be a chance that the two situations could become linked come the end of the season?
Should Ancelotti lead Madrid to winning the Champions League, achieving their ultimate goal which Jose Mourinho was unable to get near in three seasons, then the only way from there is down.
He will have made history - and could walk away after one season with his name in the history books forever, to take on a new challenge.
And what could possibly be more appealing than restoring Sir Alex Ferguson's legacy at Manchester United, which David Moyes is presently tarnishing with every passing month.
The Italian can handle the pressure. He is proving it in Madrid now, and has won titles with PSG, AC Milan, and not to mention Chelsea.
Presently Ancelotti is priced at just 16/1 with one bookmakers to be the next United boss, the fourth favourite to succeed David Moyes.
There were even reports last summer, as stated in the Mirror, after Moyes had been appointed that Sir Alex Ferguson had earlier approached Ancelotti while PSG boss as a friend, to ask him if he would be his successor.
Ancelotti is claimed to have replied that he had already given his word to Real Madrid and could not be persuaded. Such reports were swept under the rug at United, neither confirmed or denied, not wanting to indicate whether David Moyes had in fact been the Scot's second choice.
Should the sequence of events transpire to lead the Real Madrid boss to Old Trafford, then Fergie's alleged request would finally be granted, and Ancelotti could set about putting United back together.
There's a lot to happen first. Madrid have to win the Champions League this season for it to even be a possibility, and then he would have to decide to walk away for a new challenge, while United would need to actively seek him out - which would mean getting rid of David Moyes or making enquiries behind his back.
Whether it right or wrong to get rid of Moyes from a moral standpoint after just one season, from a footballing one it's clear Ancelotti has the personality, experience and tactical know-how to succeed at top clubs which United's current manager lacks.
Ancelotti is unafraid of making big and unpopular decisions, as shown by selling Mesut Ozil in September, and Madrid look quite fine without the German. David Moyes meanwhile is taking criticism from Kenny Dalglish for being 'too nice' to United's squad, with the insinuation he is over-awed and out of place at a club which is simply too big for him.
The Italian has unfinished business in the Premier League from his premature sacking at Chelsea, and would surely love nothing more than to prove Roman Abramovich wrong first hand. He could even try to bring Cristiano Ronaldo over with him...
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