Real Madrid are supposedly set to announce the reappointment of Carlo Ancelotti as manager in a few hours' time.
The 61-year-old's first stint in the Bernabeu dugout was a successful one, as he steered Los Blancos to Champions League and Copa del Rey glory in 2014, picking up the award for the world's best club coach along the way.
Ancelotti's Everton were tipped for a European berth for most of the 2020-21 Premier League campaign, but a downturn in fortunes during the final few weeks ultimately saw them finish 10th in the rankings.
The report adds that Ancelotti departed on good terms with president Florentino Perez in 2015, and the club will welcome the Italian back with open arms.
Ancelotti has won 31 of his 67 games in charge of the Toffees, and his deal at Goodison Park is not due to expire until 2024.