Reports suggest Carlo Ancelotti has surprisingly decided against taking the Brazil national team job.
The Real Madrid coach had been pursued by the Brazilian football federation for many months.
He seemed poised to sign an agreement to become Brazil`s manager for the 2026 World Cup.
Ancelotti reportedly traveled to London to finalize the contract, only to change his mind.
It`s understood the Italian coach contacted CBF president Ednaldo Rodrigues to thank him for the interest but decline the offer.
It is believed Ancelotti is now considering another multi-million dollar offer from a club in Saudi Arabia.
The 65-year-old still needs to negotiate his potential departure terms from Real Madrid, as his current contract runs until the end of next season.
Reports claim Ancelotti requested £3.4 million in compensation for leaving this summer, a demand reportedly rejected by Real Madrid.
However, the Spanish giants might be looking to replace Ancelotti, with Bayer Leverkusen manager Xabi Alonso reportedly high on their list.
Last season, the former Liverpool star led Leverkusen to both the Bundesliga title and the DFB Pokal, in addition to reaching the Europa League final.
Ancelotti won LaLiga and the Champions League in the previous season.
However, a season without trophies this year could signal the end of his second tenure in Madrid.
