Ancelotti has decided to leave PSG at the end of the season and Wenger is being lined up to replace him, according to French newspaper Le Parisien.
The Italian has been a long-term target for Real president Florentino Perez.
Wenger, meanwhile, has close ties to PSG and is entering the final year of his current Gunners deal.
Can Wenger be tempted away by PSG? Who could replace him? Give us your shout below...