Madrid, Spain (SportsNetwork.com) - According to multiple reports in Spain, Real Madrid has fired manager Carlo Ancelotti after two seasons in charge.

The Italian guided Madrid to the Champions League title in his first season in Madrid, but after failing to capture any major trophies this term, he has been informed by club president Florentino Perez that his services are no longer required.

Ancelotti arrived at Real in the summer of 2013 and captured the Copa del Rey in addition to the club's 10th European Cup title in his inaugural campaign.

But while Madrid won the UEFA Super Cup and FIFA Club World Cup in Ancelotti's second season, it wasn't enough as his team finished two points behind Barcelona in La Liga and was knocked out of the Champions League by Juventus in the semifinals.

The 55-year-old Ancelotti had one year remaining on his Real Madrid contract, and he has been widely rumored to be a target of his former club, AC Milan.

When asked what he would do if he was fired, Ancelotti said that he intended to take a year off to recover from an upcoming back surgery, despite having already fielded plenty of offers from other teams.

Napoli manager Rafael Benitez has emerged as the front-runner to replace Ancelotti at Madrid, according to reports, with other names such as departing Borussia Dortmund boss Jurgen Klopp, Sevilla's Unai Emery and former Madrid player Michel having also been mentioned.