Everton are reportedly happy to hand Carlo Ancelotti a contract until the end of the 2023-24 campaign.

Despite a number of names having been mentioned as potential replacements for Marco Silva, Ancelotti has allegedly emerged as the outstanding candidate.

The 60-year-old could be officially appointed as the new Toffees boss later this week, and it appears that the club's hierarchy are prepared to remain patient for success.

According to Sky Italia, Ancelotti will be given a four-and-a-half-year contract, while the experienced boss could earn as much as £14m per season.

While the former Napoli boss had planned to take a break until the summer, it has been claimed that the three-time Champions League winner felt that the offer was too good to turn down at this stage of his career.

Ancelotti could be in place in the dugout for Everton's Premier League fixture with Arsenal on Saturday afternoon.