Rafael Benitez "would be truly happy" to take over at Real Madrid this summer, according to his agent Manuel Garcia Quilon.
Quilon revealed that no talks have yet taken place, contrary to previous reports, although he confirmed that two-time La Liga-winning manager Benitez would be open to moving back to Spain.
"Rafa was a Real Madrid player, he is from Madrid and was a coach of their B Team, so I doubt anyone would be unhappy with that history," he told Spanish TV channel Cuatro. "I am not inside his head but I think he would be truly happy to manage Real Madrid one day."
Benitez guided Valencia to the La Liga title in both 2001-02 and 2003-04, while also making a name for himself as an expert on the European stage.
Meanwhile, Ancelotti's uncertain future is expected to be resolved in the coming weeks, with the Italian on the brink of being shown the exit due to an underwhelming trophiless campaign.