Speculation is rife the Italian coach will be sacked, after this weekend's final game in La Liga, but he hopes to stay in charge.
There's practically a feeding frenzy in the Madrid media right now, with the leading story over the last few days in Madrid - whether Carlo Ancelotti will be managing at the Bernabeu next season.
AS are convinced that former Liverpool favourite, Rafa Benitez, is already being pencilled in as the next Real Madrid boss. Meanwhile, Marca believe that departing Borussua Dortmund coach, Jurgen Klopp, is under consideration, whilst also suggesting that "all is not yet lost" for Ancelotti, who still has a chance of staying at the helm.
Amidst all the speculation in the newspapers, or raging debates amongst the most popular radio shows, it looked in every sense, a normal day of training for Ancelotti, as he put the players through their paces on Friday morning.
The training pitch at Valdebebas, seemed almost a world away from what was to follow, as Ancelotti attended what could be, his final pre-match press conference as the Real Madrid manager.
"I still haven't spoken with the club, nor they with me." Ancelotti insisted, as the questions from the gathered press came thick and fast, regarding his future.
The Italian coach then swiftly added: "I will continue thinking that I am the manager of Real Madrid, until the club tell me otherwise."
That "otherwise" may come after the final La Liga game against Getafe this weekend, and a meeting with club president Florentino Perez, as Ancelotti confirmed: "On either Sunday or Monday, we'll meet, so we can look at what my future is going to be, and that of the club."
However, the 55-year-old was keen to stress: "If I stay, that would be fantastic, because that's my desire." But there was also the acknowledgement: "If not, I'm satisfied with the two years I've had here."
Few can argue with the success Ancelotti achieved in his first season, particularly winning the Champions League. But at Real Madrid, such achievements are expected every season, and this season his side haven't delivered the Champions League, La Liga, or the Copa del Rey.
Winning any one of those three trophies, might have meant none of the current speculation surrounding his future, would have existed. Now though, it's looking increasingly likely that his era at the Bernabeu, is coming to an end.