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Roberto Mancini is taking a £11.5m pay cut to secure the Italy job.

The former Manchester City boss has agreed a deal to terminate his contract with Zenit St Petersburg after only a year in Russia.

The Italian, 53, will sign a deal until Euro 2020 worth €2m-a-year with the option to extend the contract until June 2022.

But Mancini will give up €13m in wages over the two remaining years on his Zenit contract to do national service.

He will take charge of his first game against the UEA on May 28.

A statement on the Zenit website this morning read: “Zenit and Roberto Mancini agree to an early end to the manager's contract. The contract will be terminated by mutual consent without any compensation payable.

(Image: Action Images via Reuters) (Image: Getty)

“Mr Mancini's contract will end with Zenit on Monday 14 May 2018. Roberto Mancini joined Zenit on 1 June 2017 and has overseen 44 official matches, including 21 victories, 13 draws and 10 defeats.

“The club wish Roberto Mancini all the best with his future endeavours and thank him for his time in St. Petersburg.”

Carlo Ancelotti and Antonio Conte had been other options for the job following the sacking if Giampiero Ventura in November after Italy failed to qualify for the World Cup.

(Image: Getty Images Europe)

Juventus boss Max Allegri, who is on Arsenal's wishlist, has warned Mancini cannot solve all the problems of Italian football.

“The problem in Italy is that people think the coach of the national team has to solve every problem,” he said. “There are other things to be done that the coach on his own cannot solve.

“Decisions must be made, even if they are unpopular. Football has to be restructured from the foundations.”