Carlo Ancelotti is to be unveiled as Pep Guardiola's replacement as manager of Bayern Munich in the next few days, according to The Guardian.

The Spaniard is expected to call time on his three-year tenure with the Bundesliga champions at the end of the season, with an announcement expected this weekend, amid speculation linking him to a host of top Premier League clubs.

Ancelotti, 56, has been on a sabbatical since being sacked by Real Madrid in May but has now agreed a three-year deal "in principle" with the Bavarian club, who are on course to take their third consecutive league title under Guardiola.

In his managerial career, which has included stints at Juventus, Chelsea, Milan and Paris Saint-Germain, Ancelotti holds the distinction of being the only manager to have won the Champions League three times and reach the final four times.

Guardiola is said to be planning to announce his departure on Sunday after Bayern take on struggling Hannover in the Bundesliga on Saturday afternoon.