Ancelotti will be informed this Sunday of his departure, amidst claims a deal with Benitez is already agreed.
It appears that Real Madrid are counting the days until, what they consider, the inevitable departure of Carlo Ancelotti.
His replacement, according to Gazzetta dello Sport journalist Filipo Ricci, appearing on the popular Spanish radio show, 'Al Primer Toque', is none other Rafa Benitez, who it is claimed, is just "a step away" from penning a deal at the Bernabeu.
Responding to those claims, fellow journalist Fernando Burgos reacted: "It's an open secret that sooner or later, though evidently now it seems to be much sooner, that Rafa Benitez is going to manage Real Madrid."
Burgos then pointed out: "Rafa has a close friendship with Real Madrid director general, Jose Angel Sanchez."
"Rafa also has three dreams: One was to return to Anfield, one is to coach the Spanish national team, the other is to be manager of Real Madrid, where he was a coach at youth level." Burgos highlighted additionally.
Following on from his assurance that Rafa Benitez will now take the top job at Real madrid, Ricci was also asked for his thoughts on how the club have treated Carlo Ancelotti.
The Italian journalist responded: "Personally I think it's lamentable. Because as we're saying in Italy, Benitez is one step away from the job, if he hasn't signed already."
"They still haven't said anything to Ancelotti though." He noted critically of Los Blancos, adding: "Ancelotti has met with directors of Real Madrid and they have told him nothing, despite his asking. I don't think that's a dignified way for a club such as Real Madrid to deal with the situation."
"They're treating him awfully, and I'm not just saying that because I'm Italian, but because he (Ancelotti) is a great manager. He's the manager who led them to 'La Decima'. He's the first manager in the history of the club, to win four titles in one year."
"Carlo doesn't deserve to be treated like this. They haven't explained to him, why he has to leave. I think it's a huge mistake and we'll have to wait and see, what the consequences are."
However, Ricci also shared the view: "Rafa is an optimal choice" to replace Ancelotti at the Bernabeu, higlighting: "He's already won the Champions League, he's won titles and has his merits.
The radio show went on to confirm that based on the information from Filipo Ricci, essentially, Carlo Ancelotti will discover his fate next Sunday - that he will no longer be manager of Real Madrid.
From there, the next step will be to confirm the arrival of Rafa Benitez, once his ties with Napoli have been severed.
Despite the recent backing from leading players in the Real Madrid team, it appears the board and president Florentino Perez, don't share their views, opting for a change at the helm ahead of next season.