Carlo Ancelotti will seek a return to the Premier League next summer if Bayern Munich trigger a break clause in his three-year contract as head coach, a source has told ESPN FC.
Ancelotti, who succeeded Pep Guardiola at Bayern in 2016, guided the club to a fifth successive Bundesliga title in his first season in charge.
But a quarterfinal exit in the Champions League and failure to reach the DFB Pokal final put the former AC Milan, Chelsea, Paris Saint-Germain and Real Madrid manager under pressure ahead of this season.
Reports have linked Julian Nagelsmann, the highly rated 30-year-old coach of Hoffenheim, with the Bayern job and he added to speculation by claiming at the weekend that "Bayern has always played a prominent role in my dreams."
A source told ESPN FC that, while Ancelotti is happy at Bayern and committed to the club, a move back to England would appeal to the 58-year-old if the German champions opt to look for a new coach.
The source said a break clause in Ancelotti's contract at the end of his second season could prompt Bayern to make a change if he fails to challenge for the Champions League.
Manchester United were keen to hire Ancelotti as a replacement for David Moyes in the summer of 2014 before confirming Louis van Gaal in the role.
The Italian was also considered as a successor to Brendan Rodgers at Liverpool before Jurgen Klopp was appointed in October 2014.
Arsene Wenger's uncertain future at Arsenal, despite signing a two-year deal in May, could pave the way for Ancelotti to move to the Emirates next summer if Wenger does not remain in charge for the second year of that deal.
Nagelsmann, who guided Hoffenheim to a 2-0 Bundesliga victory over Bayern last Saturday, said he was "very, very happy" but added: "Bayern Munich would make me a little bit happier, but it is not as if my whole happiness depends on Bayern."