The 54-year-old Italian coach has signed a three-year deal at Santiago Bernabeu but his side are still well behind Barcelona in the betting for next season's competitionsThis summer sees a number of high-profile managerial changes at the top level of European football. Jose Mourinho's return to the Premier League to begin his second stint in charge at Chelsea meant Real Madrid have been searching for a sucessor to the Portuguese boss - a search which ended on Tuesday.
The man chosen to take over at Santiago Bernabeu is Carlo Ancelotti, who led Paris Saint-Germain to a first Ligue 1 title in over a decade last season and looks likely to be replaced by Laurent Blanc in the French capital.
BetVictor make Real Madrid 11/8 (2.38) to win the Liga title in the 2013-14 season with Barcelona still the overwhelming favourites to maintain their domestic dominance, priced at 4/7 (1.57).
Despite an impressive season from Atletico Madrid the bookmakers clearly believe there is little chance of any team upsetting the Clasico dominance in the race for the domestic crown in Spain.
Atletico are priced at an industry best 100/1 (101.0) to finish the season at the summit of La Liga and Valencia are the only other challengers with a price under the 200/1 (201.0) mark.
A Champions League trophy will be at the very top of Ancelotti's wishlist as Madrid continue their desperate search for la Decima, and BetVictor make his side an industry-best 6/1 (7.0) to win Europe's premier club competition next season with Barcelona (7/2) and current holders Bayern Munich (7/2) the only teams more fancied than Madrid for European glory.
The English contigent are lagging behind their Spanish and German counterparts with Manchester United available at 10/1 (11.0), while Manchester City - now managed by Manuel Pellegrini - at 12/1 (13.0) and Jose Mourinho's Chelsea also a 12/1 (13.0) shot.
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