Carlo Ancelotti will decide whether or not to manage AC Milan next season on Wednesday, according to club vice-president Adriano Galliani.

Galliani held a second meeting with Ancelotti in Spain on Thursday, hoping to convince the Italian tactician to return to the San Siro.

Ancelotti parted company with Real Madrid on Monday and declared that he would take a year off from coaching.

"Carlo will give us a definite answer next Wednesday," Galliani told Italian TV station Sport Mediaset.

"According to Carlo, there's a 50% chance he will accept.

"But it will be 50% until Wednesday and then it will be either 100% or nothing.

"(AC Milan president Silvio) Berlusconi is aware of everything, I came to Madrid with his consent."

Ancelotti is one Milan's most successful coaches, having led the Rossoneri to the Serie A title in 2004 and two Champions League crowns.

"Why Ancelotti? Nobody has a CV like his," Galliani added. "He has coached Juventus, Milan, Chelsea, Paris St Germain and Real Madrid.

"Not even (Chelsea coach Jose) Mourinho has a similar CV, nor does (Bayern Munich coach Pep) Guardiola."

Ancelotti, who led Real to a 10th European Cup last season but failed to win the league in his two seasons in Madrid, is expected to fly to Vancouver on Friday.

The 55-year-old is set to have a back operation in Canada this summer.

Milan are keen to bring Ancelotti back after two hugely disappointing campaigns.

The Rossoneri, under first-year coach Filippo Inzaghi, can finish no higher than eighth in Serie A this season and will miss out again on European football.

Inzaghi, the former AC Milan forward, is contracted to Milan until June 2016.

"Our relationship with Pippo (Inzaghi) will not end," Galliani said. "When I came to Madrid I called him and made him aware of the situation, it's the least I could do.

"Pippo knows that our affection towards him has not changed.

"Football is like this, there's always a risk of change."

Ancelotti left Milan in the summer of 2009 to join Chelsea after eight successful years at the helm of the Rossoneri outfit.