Everton have competed their audacious swoop for Carlo Ancelotti after the Italian agreed to become their new manager.

Ancelotti is expected on Merseyside in the next 24 hours and will be in the stands at Goodison Park for Saturday’s Premier League clash with Arsenal .

He will officially take charge after that game and his first match in the dug-out will be the Boxing Day clash with Burnley at Goodison.

Ancelotti, 60, is understood to have agreed a three-and-a-half year deal with Everton until June 2023.

Blues majority shareholder Farhad Moshiri is willing to make the Italian one of Europe’s best-paid managers and it is understood he will receive a basic £11.5million-a-season.

Landing Ancelotti is a major coup for Moshiri, who has had four permanent managers since he arrived at Goodison in 2016.

He is determined to restore Everton’s fortunes and feels Ancelotti has the proven track record of success to make that happen.

Negotiations between the two camps progressed quickly after initial contact was made in the wake of Ancelotti’s sacking by Napoli last Tuesday.

Moshiri spoke to the three-time Champions League winner on Monday and the pair met for face-to-face negotiations in London on Tuesday.

Everton gave Ancelotti the assurances he wants about the club’s ambitions and he has been told funds will be made available.

Everton are waiting for Ancelotti to agree his severance deal with Napoli before officially announcing his arrival.

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The Blues hope to unveil the former Real Madrid , AC Milan, Bayern Munich and Chelsea boss to the world’s media on Monday.

Duncan Ferguson, who will be one of Ancelotti’s assistants along with his son Davide, will remain in caretaker charge for the Arsenal game.

Everton have spoken to Ancelotti about the make-up of his backroom staff and they have agreed that Ferguson will have a prominent role in the new set-up.