Former Italian international Carlo Ancelotti has signed a three-year contract to coach Real Madrid, the Spanish club announced Tuesday.

The Blancos will present their new manager to the public and press during a event on Wednesday at Santiago Bernabeu stadium.

Ancelotti, fresh off directing Paris Saint-Germain to the French league championship, replaces Jose Mourinho, who left Real Madrid to embark on a second stint as manager of Chelsea.

The 54-year-old Ancelotti's long list of titles also includes two Champions Leagues, two European Supercups, one club World Cup and the championships of Italy's Serie A and England's Premier League.

The 2012-2013 season left Real Madrid fans with a bitter taste, as the perennial powerhouse finished a distant second in La Liga, fell in the Champions League semifinals for the third consecutive year and lost the Copa del Rey to humble Atletico Madrid.

After coaching at Juventus, AC Milan, Chelsea and PSG, Ancelotti is familiar with the pressure that comes with being manager of a high-profile team, and Real Madrid president Florentino Perez has long been an admirer of the Italian.

Blancos fans are hoping to see their side take back the La Liga crown from archrival FC Barcelona and garner what would be a record 10th Champions League title.

PSG on Tuesday named former French national team coach Laurent Blanc to succeed Ancelotti. EFE