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Following the club's exit from the Champions League at the hands of Manchester City, there is finally clarity on manager Carlo Ancelotti's future. The 63-year-old Italian is under contract for next season but with interest from Brazil to take on the duty of overseeing the men's national team, it was anyone's guess where Ancelotti would land. But he now has confirmed that he'll spend another season at Real Madrid.

After speaking with club president Florentino Perez, Ancelotti has confirmed that the club has stated that he would remain in charge next season which aligns with Perez's backing of Ancelotti before the clash with Manchester City.

"[Perez and I] spoke yesterday," Ancelotti said in a news conference on Saturday ahead of Sunday's clash with Valencia. "We had a meeting, and he showed me his support. We talked about Wednesday's game [against City], we talked about the season we've had and the two seasons that we've had. We move forward, with the same desire to do things well." 

Ancelotti also followed that up by confirming that he will honor his contract, although anything could happen after that stage.

"I think everyone knows my situation," Ancelotti said. "I have a contract until June 30, 2024, and I want to see it out. Everyone knows that."  

For Los Blancos to return to winning more trophies, after losing La Liga and the Spanish Super Cup to Barcelona and getting knocked out of Champions League, there is a lot of work that needs to be done but Ancelotti has already proven that he can win at Real Madrid and will be expected to do so again next season.