Carlo Ancelotti is set to meet with Real Madrid president Florentino Pérez soon to discuss the coach's future at the club, according to sources.

Madrid recently suffered a 3-2 extra-time defeat to Barcelona in the Copa del Rey final, adding to their 5-1 aggregate loss to Arsenal in the Champions League quarterfinals earlier this month. With just five matches left in La Liga, Madrid remains four points behind the leaders.

Although Ancelotti is under contract until 2026, speculation about his departure has been ongoing throughout the season. Reports from last week indicate that discussions between Ancelotti’s representatives and the Brazilian Football Confederation have intensified regarding a possible move to become head coach of Brazil’s national team.

Sources say that Ancelotti and Pérez are expected to meet soon, with an agreement likely to see Ancelotti leave the club after their final La Liga match of the season against Real Sociedad.

Ancelotti has been one of the most successful coaches in the club’s history, having won three Champions League titles and two La Liga titles during his time at Madrid.

"Whether I continue [at Madrid] is an issue for the coming weeks, not for today," Ancelotti said when questioned about his future in a news conference following Madrid's loss Saturday.

On April 19, the Italian admitted that he and the club would "analyze things at the end of the season" and wouldn't confirm that he would be in charge for Madrid's FIFA Club World Cup campaign this summer.

"We're still competing for trophies," Ancelotti said. "I don't want to talk about my future. We'll talk about it with the club at the end of the season.

"I've always had a great relationship with the club. There'll be no confrontation."

The source did not reveal who would replace Ancelotti, but they suggested that the most likely option for the short term, given that Madrid's Club World Cup campaign starts on June 18, would be an internal interim appointment. Possible candidates for the role include director of football Santiago Solari, Castilla coach Raul Gonzalez, or under-19s coach Alvaro Arbeloa.