Real Madrid boss Carlo Ancelotti has rejected a £14.8m salary bid to become the next manager of Manchester United, reports in Spain claim.
The former Chelsea coach emerged as a candidate to replace David Moyes after the Scotish manager was sacked last month – with Ryan Giggs taking charge of the first team until the end of the season.
And Spanish newspaper El Confidencial report that last week United representatives made Ancelotti a £14.8m salary offer that would have seen him becoming the highest paid coach in the world ahead of Bayern Munich's Pep Guardiola.
However, El Confidencial claim that the Real Madrid manager rejected the Premier League side's bid as he want to stay in La Liga – leaving United on the verge of closing a deal with their second choice Louis Van Gaal.
Recently, Ancelotti himself ruled out the chance of joining Manchester United, saying that he is happy at the Santiago Bernabeu.
"I want to stay at Madrid for a long time and it's strange answering this question the day before a Champions League semi-final. Real Madrid is my club and I'm happy here," he said.
"I respect everyone but I haven't had contact with anyone and I don't need to."
Ancelotti took charge of the nine-time Champions League winners last summer, replacing Jose Morinho after leaving Paris Saint-Germain.
And having already won the Copa del Rey final against Barcelona in his debut campaign he is also still in the fight to win La Liga while Real with play city rivals Atletio Madrid in the Champions League final on 24 May.
So with the Real Madrid boss ruling himself out from the United job, Netherlands manager Van Gaal remains the leading candidate for the vacant position at Old Trafford.