(CNN) -- The celebrations of Paris Saint-Germain's first French title in 19 years have only just finished but the Qatari-owned club already face a fight to keep hold of one of the their most valuable assets -- manager Carlo Ancelotti.
On Sunday, Ancelotti confirmed at the French Ligue 1's end of season awards, where he was named coach of the year, that he has asked to leave the Parc des Princes.
Ancelotti is rumored to be a key figure in a game of managerial musical chairs which could see the Italian move to Real Madrid to replace Jose Mourinho, who is reportedly on the brink of a return to former club Chelsea.
"I have asked the club to leave and I am waiting for their answer because I am under contract," confirmed Ancelotti, who also guided PSG to the quarterfinals of the European Champions League.
Ancelotti could become the second high-profile exit from PSG in quick succession following the announcement of David Beckham's retirement last week.
While the Italian coach might be keen to leave, PSG president Nasser al-Khelaifa presents a major stumbling block to Ancelotti fulfilling that ambition.
"I think he signed a pre-contract with Real Madrid, but I can't imagine Real Madrid will make him sign an agreement or there will be a problem in law," he told Al-Jazeera.
"There will be no arm-wrestling. We just respect principles, contracts and what we said we would do.
"You have methods, situations in law and negotiations in order to make everything well."
A bullish Al-Khelifa sees no reason why Ancelotti will not see out the remaining year of his contract.
"Yes, we had discussions, he asked to depart for Real Madrid," Khelaifi told beinsport.fr. "I said it is not possible because he has a contract for one year more, so that is our decision.
"It is his problem, it is not our problem. We have offered him another year more on his contract as well as the one he has. When you have a contract, everyone is normally obliged to honor that."
Mourinho is under pressure at Real following a trophyless season which has seen the Portuguese coach criticize a number of the club's established stars.
A 2-1 defeat to Atletico Madrid in last Friday's Copa del Rey final, Real's first loss to their neighbors in 14 years, is thought to have been the last straw, with newspaper El Mundo reporting Mourinho will be sacked - possibly during this week.
Real are certain to finish second in the Spanish First Division and sit 13 points behind champions Barcelona with just fixtures against Real Sociedad and Osasuna remaining.
Mourinho is favorite to fill the current vacancy at Chelsea, where he won two English Premier League titles and one FA Cup between 2004 and 2007.
Spain's Rafael Benitez acted as interim Chelsea manager from November, leading the club to Europa League triumph and a third-place finish the league.
But Mourinho's name has been sung heartily by Chelsea fans at every recent match, with the Stamford Bridge faithful eager for the return of the coach known as "The Special One."