The former Chelsea manager, reports Le 10 Sport, is now living in London and has been tapped by both London giants. A job hasn't been offered, but Arsenal and Chelsea are maintaining regular contact with the Italian.
Should Antonio Conte leave Chelsea this summer, Ancelotti has been informed he will be considered. The same situation surrounds Arsenal, where the board won't force Arsene Wenger out. However, should the Frenchman choose to leave, Ancelotti will be in the frame.
PSG are also interested in bringing Ancelotti back to Paris, but it is the two Premier League clubs which are favoured.