According to Germany's Sport Bild, the Bayern board held an emergency meeting after yesterday night's humilaiting loss to decide the future of the Italian trainer.
If Ancelotti is sacked, his assistant Willy Sagnol will be placed temporarily as an interim coach.
The legendary right-back previously worked as chief coach at Bordeaux from 2014 to 2016.
READ ALSO: Ancelotti Criticizes Madrid PresidentAnother option put forward by Bild is former Borussia Dortmund coach Thomas Tuchel who CEO Karl-Heinz Rummenigge has praised.
Bayern Munich are expected to make an announcement on the future of Ancelotti by 12.30 pm later today.
Ancelotti has previously announced that he has a lucrative offer from China.
However it is yet to be seen if the former PSG, Real Madrid, Chelsea, AC Milan and Juventus coach will be willing to move to Asia.
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