Current manager of Everton.
Ancelotti is one of only six men to have won the Champions League as both a player and coach.
The Italian has achieved the ultimate club prize on four occasions, twice as a midfielder and twice more as a boss. All four came at Milan, where he was in charge for eight years.
Carlo, who made 26 appearances for Italy and played in two World Cups, started coaching with AC Reggiana in 1995. He won promotion to Serie A in his first season.
After spells with Parma and Juventus - who twice finished Serie A runners-up in his tenure - Ancelotti moved to Milan in 2001.
He led the club to the semi-finals of the UEFA Cup in his first season before lifting the Champions League trophy with a 3-2 win on penalties over former Juventus at Old Trafford.
Milan suffered a remarkable final defeat in 2005 - beaten on penalties by Liverpool but won the Champions League again in 2007.
Ancelotti finally left Milan two years later to succeed Guus Hiddink at Stamford Bridge.
In his first season in charge, he became the first Chelsea manger to win the domestic double. Ancelotti is now the first Italian manager to win the Barclays Premier League and only the fifth manager overall to have won the title since the league's inception.
The club's FA Cup triumph over Portsmouth followed a record season in the Barclays Premier League as Chelsea became the first side to surpass 100 goals.
Despite the club finishing second the following season and Ancelotti winning three manager of the month awards, the club parted company with him at the end of the 2010/11 campaign.
He was to join the Bernabeu from Paris St Germain where he enjoyed immediate success in his first full season in charge as he guided PSG to the Ligue 1 Championship. It was their first national title since 1994. On a personal level, it ensured Ancelotti has now won league titles in three different countries after triumphs in Italy, England and now France.
Ancelotti then went on to make an instant impact at Real Madrid. After leading the Club to victory in the Copa del Rey he then secured Real Madrid's 10th European Cup. On a personal note, he created history by becoming the first ever manager to win the competition three times.
His playing career was launched with Parma in 1976. With AS Roma, he captained the side to the Italian championship and four domestic cups.
Ancelotti hit his playing peak at Milan as part of one of Europe's greatest teams, which featured the likes of Franco Baresi, Frank Rijkaard and Marco van Basten. Together they won back-to-back European Cups in 1989 and 90.