The Sun claims that the 58-year-old would be open to managing the Merseyside club but he will only take on the job if Paul Clement becomes his assistant manager at Goodison Park.
Clement is currently managing fellow Premier League side, Swansea City, who are level on points with the Toffees in the league table.
The newspaper reports that the Italian was being considered as a possible alternative to Koeman before he was sacked following the 5-2 loss against Arsenal on the weekend.
The report claims that Everton owner Farhan Moshiri is confident that Ancelotti has the credentials to help the Toffees climb up the table.
Despite guiding Bayern Munich to the Bundesliga title last season, Ancelotti was dismissed in September after a 3-0 Champions defeat against Paris Saint-Germain.
Meanwhile, Ex-Manchester United winger, Ryan Giggs has admitted he would be willing to take the Everton job following Ronald Koeman’s sacking this afternoon.
But the Toffees faithful don’t seem convinced that the 43-year-old is the right man to save their season.
Giggs was appointed interim manager after David Moyes’ departure from Manchester United in 2014, before accepting an assistant managerial position under Louis Van Gaal.
However, despite being tipped to take the United job at some point in the future, he may not receive the warmest welcome if he takes the reigns at Goodison Park.
And with the former Southampton manager having spent close to £140 million on new players in the summer, there’s no doubt that there will be several high quality candidates fighting for the position. BUt the majority of Everton fans on Twitter don’t believe Giggs should be among those under consideration
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