Former Bournemouth gaffer Howe is now being linked with the Goodison Park gig if Italian Ancelotti heads to the Santiago Bernabeu where he led them to their famous 10th European Cup win during two years in charge.
Bookies have suspended betting on that happening which would see Ancelotti end his 18-month spell on Merseyside.
Reports in Spain claim Everton have already started the search for a replacement for the 61-year-old and Howe is the clear favourite.
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