AC Milan CEO Adriano Galliani and Real Madrid coach Carlo Ancelotti have reportedly met in Madrid over the weekend.

Ancelotti has been rumoured to be leaving the Spanish giants at the end of the season and could rejoin the team where he won two Champions League titles.

According to Mediaset, the Italian coach is said to be interested in beginning a new project at Milan.

The 55-year-old left the Rossoneri at the conclusion of the 2008-09 season and has since coached Chelsea, Paris Saint-Germain and Real Madrid.

Current Milan coach Filippo Inzaghi is expected to be released from his contract at the end of the season.

Ancelotti has also been linked with a return to England, with reports claiming that Manchester City are favorites to sign the coach.

Ancelotti previously won 8 titles with Milan including two UEFA Champions League finals, two UEFA Super Cups and a FIFA Club World Cup.