A report has surfaced suggesting that Carlo Ancelotti and Real Madrid have an exit agreement in place, which could be made official after El Clasico on May 11.

Carlo Ancelotti and Real Madrid have reached an agreement over the terms of his departure. The Athletic reported on April 27 Ancelotti was set to leave Madrid and take the Brazil head coach role on an initial one-year deal until the end of the 2026 World Cup.

Real Madrid are expected to leave Carlo Ancelotti in his position as first-team manager after this weekend's Clasico regardless of the outcome, according to a report in Spain. The Italian boss has been billed as a 'dead man walking' since Madrid were knocked out of the Champions League by Arsenal in last month's quarter-finals.