#1 Italy National Team
Perhaps the most ideal situation for a beleaguered Ancelotti at the moment - taking charge of the national team would allow him time to regroup, away from the daily rigours of club management, while still keeping himself busy.
In addition, Gianni Ventura hasn't exactly endeared himself to current Azzurri fans with his tactics resulting in less than stellar results, which have raised doubts about Italy qualifying for the 2018 FIFA World Cup. Ancelotti knows almost all of the Italian squad intimately and would devise a system that would mirror Italy's impressive performance in Euro 2016 under Antonio Conte.
It's a perfect marriage in many ways - the national team are in need of new ideas, while Ancelotti needs familiar environs - he worked under Arrigo Sacchi in the early 90s as the assistant manager, even reaching the 1994 FIFA World Cup final.