Carlo Ancelotti has been reappointed as manager of Real Madrid, and has departed Everton following 18 months in charge of the Premier League side.
Ancelotti returns to Los Blancos following the resignation of Zinedine Zidane, who departed after Madrid ended the season without a trophy.
Madrid have turned to the veteran Italian coach, who departs Goodison Park with immediate effect.
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What has been said?
In a statement on Everton's website, Ancelotti said: “I would like to thank the board of directors, the players, and the Evertonians for the tremendous support they have all given me during my time at the club.
“I have complete respect for everyone associated with Everton and hope they can achieve the exciting opportunities they have in front of them. While I have enjoyed being at Everton I have been presented with an unexpected opportunity which I believe is the right move for me and my family at this time.”
Former Chelsea manager Ancelotti returned to the Premier League in December 2019 to take charge of Everton, but has departed with three years of that contract still to run. It leaves the Toffees seeking a sixth permanent manager in five years.
Ancelotti returns to Madrid
As Goal confirmed earlier on Tuesday, discussions with Ancelotti were first opened five days ago. Those have reached a positive conclusion, and he heads to Santiago Bernabeu on a three-year contract.
Having been aware for some time that Zidane intended to walk away from his second stint at Santiago Bernabeu, Madrid worked quickly to put contingency plans in place. Massimiliano Allegri was their top target initially, but he has been reappointed as successor to Andrea Pirlo at Juventus.
Club legend Raul, who is currently coach of Madrid's Castilla side, was also in the frame, along with former Chelsea and Inter boss Antonio Conte.
However it is Ancelotti who has been appointed, as the 61-year-old returns to the club where he enjoyed significant success between 2013 and 2015.
He was the man to deliver La Decima, with Madrid claiming their 10th European triumph in 2014. They also won the Copa del Rey that season and went on to capture the UEFA Super Cup and FIFA Club World Cup.
The Italian can claim to boast the best win percentage in the Blancos' illustrious history, with 89 victories from 119 games at the helm.