Ancelotti has been heavily linked with replacing the outgoing Jose Mourinho at Real Madrid this summer.
“We are going to talk with the club,” Ancelotti told Canal Plus. “I can’t say if I will leave or stay. I haven’t talked to the president yet.”
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Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.
Newcastle United are staring down the barrel of relegation to the Championship for the second time in the past eight years.