Ancelotti, 35, son of current Real Madrid boss Carlo, will likely leave the club once his father does at the end of the season.
Xabi Alonso looks set to become the new head honcho at the Santiago Bernabeu with the legendary Italian taking charge for the Brazil national team for the upcoming 2026 World Cup.
Now, according to Spanish outlet Diario AS, Ancelotti Jr will take over at Scottish club Rangers imminently.
Rangers have been without a permanent manger since the dismissal of Philippe Clement back in February.
Barry Ferguson has taken interim charge of the club since then, but they currently sit 17 points behind arch-rivals and champions Celtic in the Scottish Premier League.
The Rangers job would mark Ancelotti’s first managerial position after being part of his father’s coaching set up for nearly a decade. `