Jupp Heynckes has confirmed Bayern Munich have asked him to return to manager until the end of the season, but says nothing is signed yet.
The 72-year-old retired after his fourth spell in charge of the German champions, who he led to a Bundesliga, German Cup and Champions League treble in 2013
Heynckes has now revealed Bayern president Uli Hoeness and chief executive Karl-Heinz Rummenigge have asked him to return once again, but Heynckes insists nothing is signed yet.
"It's not clear yet or signed," he told German site RPonline, "I have to analyse the whole thing first. Four and a half years have passed since I left Bavaria, and football has changed."
Bayern sacked Ancelotti as manager following last month's 3-0 defeat to Paris Saint-Germain, with his assistant Willy Sagnol taking charge of the team on an interim basis.
Former Dortmund boss Thomas Tuchel had been strongly linked with the Bayern job, as was Hoffenheim's Julian Nagelsmann.