Carlo Ancelotti says he has turned down the chance to return to AC Milan just a week after being sacked by Real Madrid.

Despite guiding Real Madrid to their 10th European Cup 12 months ago, Ancelotti was given his marching orders following a season without silverware at the Bernabeu.

Milan vice-president Adriano Galliani immediately began negotiations to bring the former Rossoneri coach back to the San Siro and was confident he would be able to strike a deal.

However, despite his best efforts, Galliani appears to have failed after Ancelotti took to Twitter to says he taking a break from the game.

Two years in charge at Real appear to have taken their toll on the Italian, who now wants to have a long rest before deciding on his next project.

“Thanks to @acmilan for their support interest. It was hard to say no to such beloved club to me but I need some rest. I wish them the best,” he wrote.

It now remains to be seen whether Milan will switch their attentions elsewhere or keep faith with current coach Filippo Inzaghi, who has a contract until June 2016.

Milan had a disappointing first season under the leadership of their former striker when finishing 10th in Serie A, which is simply not good enough for Galliani, who was hoping that Ancelotti would be able to turn around their fortunes.

Galliani may not give up just yet, but Ancelotti is expected to take a year out before making his return.

Meanwhile, Juventus are 3.00 to win the Champions League outright ahead of Saturday’s final or 5.50 to beat Barcelona in the match betting market.