The president gave his blessing to the club's pursuit of the Italian and also confirmed he would love sporting director Zinedine Zidane to become coachReal Madrid president Florentino Perez has hailed Carlo Ancelotti as Jose Mourinho's ideal replacement.
Los Blancos have kept up their public pursuit of the Paris Saint-Germain coach who has admitted he wants to leave the Parc des Princes and reportedly met with club officials on Thursday to negotiate a release from his contract.
However, nothing has been confirmed yet and Perez says patience will be necessary if they are going to land their man.
"Ancelotti fits the bill at the Bernabeu. He's a magnificent coach that I've thought about hiring before," Perez told Antena 3.
"He's at a club with which we maintain good relations with and he has one year left of his contract. We're going to wait and see what happens."
Perez was quick to deny reports that a seven-figure compensation fee had already been agreed with PSG for Ancelotti's services, however.
"I have read that they want €4 million for Ancelotti. I can assure you that nobody has asked me for this or any other amount," he continued.
"Do you really believe that with all the money PSG has, another €4m is going to make any difference? Now if the figure was 40 or 60..."
An alternative for the dugout could present itself in the form of sporting director Zinedine Zidane, with Perez revealing the former midfield star is working towards a coaching role in the future.
"He's really enthusiastic about becoming a coach and I would love him to [become coach of this club], but I think he wants to work as an assistant coach first," Perez continued.
"He will be here next week and then we'll sit down and look at the possibilities, but he wants to work as an assistant coach."