CARLO ANCELOTTI says he is still interested in managing Chelsea - but that he return to football until next summer.
Ancelotti, 56, has been out of the game since being sacked by Real Madrid at the end of last season.
He is taking a year-long break from management but has been touted as a replacement boss at Chelsea should Jose Mourinho get the boot.
Paris Saint-Germain are also said to be keen on him, while Real manager Rafael Benitez is under pressure following Saturday's 4-0 drubbing by Barcelona.
But Ancelotti insists he will wait out the season and revealed he has had offers to return to football earlier than planned.
Asked what he would do if Real president Florentino Perez asked him back, Ancelotti told Radio Anch’io lo Sport.: "I decided to take a year off.
"Many teams have tried for me but I preferred to stay away for a year.
“Start again with Real after a year? Why not, likewise I could start over at PSG or Chelsea.”
Ancelotti led Chelsea to a Premier League and FA Cup double in 2010 after taking over from Guus Hiddink.
He is on a shortlist of contenders to replace Mourinho should the under-pressure Portuguese be let go.
Mourinho oversaw Chelsea's first league win in three games last weekend when a Diego Costa strike was enough to edge past Norwich 1-0.
Hiddink, Roberto Di Matteo and former Liverpool boss Brendan Rodgers are also said to be on the list.
As for Real, Italian Ancelotti insists there is no crisis at the club, despite the loss to Barca seeing them slip six points behind the Liga leaders.
"Let’s be slow with our judgments because we are just at the beginning, the Real players have the ability to revive the situation," he said.
“Real suffered against a really strong Barcelona. Benitez? It’s difficult to judge from the outside.
“From watching the game, they suffered most on the tactical level. Every Coach has his own ideas and it’s good that, for better or for worse, he takes them forward."
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