Carlo Ancelotti says there will be time to agree a new contract with Everton full-back Leighton Baines when the season ends.
The former England defender has agreed a short-term deal for the remainder of the Premier League season and the club have also offered him an additional 12-month contract extension.
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However, no agreement has yet been reached between the club and the 35-year-old.
Ancelotti said: "Leighton Baines extended his contract until the end of the season, for one month more.
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"After that I think we have time to make a decision and wait for an answer."
Long-serving defender Baines has made 418 appearances for Everton since joining the club from Wigan in 2007.
Ancelotti, speaking ahead of Wednesday's Premier League game with Leicester, said: "I hope [he will sign]. Leighton is an important part of this squad and, above all, of this club.
"We have a lot of respect for him as a player, as a professional and as a man."
Ancelotti revealed defender Yerry Mina is back in contention to face Leicester after a thigh injury but said Djibril Sidibe, Theo Walcott and Fabian Delph were still out.
He said: "Only Yerry Mina is back. Sidibe will be back Friday and Theo Walcott will be back in training on Monday. Fabian Delph is still injured and having individual sessions.
"Now we are starting a period where we are going to have a lot of games and it will be important to have all the squad available."