Bayern Munich CEO Karl-Heinz Rummenigge has called for "consequences" following the club's 3-0 defeat at Paris Saint-Germain on Wednesday night amid reports of a "crisis meeting" being arranged at which Carlo Ancelotti's future as coach will be discussed.

"What we've seen tonight was not Bayern Munich," Rummenigge said at the Bavarians' traditional midnight banquet.

SportBild reported on Thursday morning that a meeting will be held later in the day once the travelling party arrives back in Munich. The report says assistant coach Willy Sagnol could take over from Ancelotti, who replaced Pep Guardiola as Bayern boss in 2016. Former Borussia Dortmund boss Thomas Tuchel has also been linked with the role.

Breaking: A @FCBayern meeting is convened be the Bosses. @MrAncelotti could be fired this afternoon @SPORTBILD — Christian Falk (@cfbayern) September 28, 2017

In case of dismissal of @MrAncelotti: Willy Sagnol could take over @SPORTBILD — Christian Falk (@cfbayern) September 28, 2017

Having suffered their biggest Champions League group-stage defeat in 21 years, and being without a chance against PSG's big-money attack of Neymar, Edinson Cavani and Kylian Mbappe, Bayern chief Rummenigge said it was time for some plain speaking at the Allianz Arena.

"It was a bitter defeat. One we must talk about. One we must analyse. And one from which we have to draw our consequences," the 62-year-old said. "What we've seen tonight was not Bayern Munich."

"I believe that we can all agree on this," Rummenigge, pointing to the Bayern hierarchy and the Bayern coach staff seated at the same table. "It's important we get our act together soon and show we are Bayern Munich, a team which has made a great stir in Europe and Germany in recent years."

Bayern chiefs Rummenigge (centre) and Hoeness (right) meet ex-French President Sarkozy (left) at PSG. Getty

While Rummenigge did not say which consequences Bayern need to draw from the defeat, Ancelotti could face a stormy couple of days after benching star players like Arjen Robben, Franck Ribery or Mats Hummels.

Ancelotti made a total of six changes from the Bundesliga at the weekend, and has so far not played with the same back four in two consecutive matches.

Earlier on Wednesday night, Ancelotti, a three-time Champions League winner, said he was "still convinced it was good line-up but the situation of the game was against us."

The Italian's match-plan collapsed following Dani Alves' second-minute goal, and Ancelotti later said it clearly played into PSG's hands.

"The reason was the first goal -- we conceded after one minute," he said. "After that, we did not have the balance to avoid counter-attacks. I think that in the first half we had good control of the game, possession and some opportunities."