The Frenchman has been linked with a return to Monaco.
Arsenal have identified current Real Madrid head coach Carlo Ancelotti as the ideal replacement for Arsene Wenger should the manager leave for AS Monaco, reports CaughtOffside.
Wenger previously managed the Ligue 1 side between 1987 and 1994 – winning the French title and Coupe de France – before enjoying a brief spell in Japan and then taking charge at the Gunners in 1996.
Since then the 65-year-old has led the North London outfit to three Premier League titles, five FA Cups and the Champions League final in 2006.
However, Wenger could be tempted by a return to the Stade Louis II as Monaco are prepared to give the Frenchman a colossal three-year contract worth £28m.
Should this happen the Gunners want former AC Milan, Chelsea and Paris Saint-Germain boss Ancelotti, who is contracted at the Estadio Santiago Bernabeu until 2016.
Yet with the ruthless way that the club treats coaches at Madrid it is expected that the Italian will have his deal terminated at the end of the season should he fail to deliver another major trophy and if that were to happen the English club are ready to pounce.
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