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Carlo Ancelotti insists he will not return to management this season.

The Italian was axed by Bayern Munich last week following their Champions League defeat to Paris Saint-Germain.

He has already been linked with a return to AC Milan where he spent eight years before joining Chelsea in 2009.

Ancelotti was also installed as favourite for the Everton job over the weekend as the pressure increases on Ronald Koeman.

But the 58-year-old will take some time away from the game before reassessing the situation in the summer.

(Image: Bongarts/Getty) (Image: Alexander Hassenstein)

Ancelotti was speaking at an event organised by children's charity Assist For Peace in Jerusalem.

"For the next 10 months I will rest, I will not coach any team," he told Sky Italia.

Asked about his exit from Bayern, he added: "It is better to keep silent."

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Reports in Germany suggested Ancelotti's reign ended in turmoil after a host of players organised training sessions behind his back.

Club captain Manuel Neuer, vice-skipper Thomas Muller and defender Jerome Boateng all reportedly met with Karl-Heinz Rummenigge to tell him Ancelotti’s sessions weren’t strenuous enough and that they were frustrated with fitness coach Giovanni Mauri - who has also left the club.