Following their aggregate defeat to Juventus in the Champions League semi-final, Ancelotti admitted his future at Real Madrid was out of his hands, with the dependent being on post-season talks with club president Florentino Perez.

The Royal Spanish Football Federation’s Competition Committee has banned Ancelotti from Real Madrid’s dugout for the final two La Liga games of the season after the Italian coach sarcastically applauded referee Carlos Clos Gomez at the end of his side’s 2-2 draw with Valencia last weekend.

This means Ancelotti may have managed his last game in the Real Madrid dugout.

Prior to yesterday’s 1-1 draw with Juventus, speculation around the Bernabeu was that the manager’s future in Madrid was dependent on his side’s Champions League success, after appearing to fall short of the La Liga title this season.

Speaking after the match, Ancelotti comments were innocuous when asked about the possibility of his return next year.

“I have nothing to talk about,” Ancelotti said. “If the club is happy, I could stay. If they’re not, they’ll make a decision.

“I’d like to stay here, but I know full well what things are like in football. A club has the right to change the coach if they’re not happy.

“I’m satisfied because I’ve had a good relationship with the players [over the last two years] and constant support from the club; I’ve felt good.

“I view my time here positively.

“We have to finish the season well and then it will be time for talk.”

Ancelotti has one year remaining on his contract, but the growing belief around the club is that the Italian is on his way out.

Since taking over from Jose Mourinho in June 2013, Ancelotti has won the Copa del Rey, Champions League, UEFA Super Cup and FIFA Club World Cup.

The 55-year-old has done a tremendous job of man-managing the various egos in Real Madrid’s dressing room and handling the massive pressure which comes with running the world’s biggest club.

However, the bottom line at Real Madrid has always been winning titles at the end of the season.

Real Madrid have gone through eleven managerial changes since 2003, in large part because the person in charge was unable to meet the club’s domestic and European expectations.

Despite doing a tremendous job of picking up the broke pieces following Jose Mourinho’s tumultuous tenure, it appears Carlo Ancelotti may have worked his last game in Real Madrid’s dugout.