Bayern Munich have revealed that Pep Guardiola will be replaced by Carlo Ancelotti at the end of the season.

Forty-four-year-old Guardiola has been in charge at the Allianz Arena since 2013, during which time he has guided the Bavarians to five trophies.

However, with his contract due to expire in the summer, speculation over recent weeks had claimed that Guardiola would step down rather than extend his stay in Germany.

That news has now been confirmed, along with the revelation that a deal has already been struck for former AC Milan, Chelsea, Paris Saint-Germain and Real Madrid boss Ancelotti to replace him on a contract until 2019.

"We are grateful for everything that Pep has given us and we're hoping to celebrate many successes before the end of this season," chief executive Karl-Heinz Rummenigge told Bild.

"With Ancelotti, once again a very good coach joins Bayern Munich. We look forward to working with him."

Speculation is now expected to intensify as to which club Guardiola will join next. It is believed that the Premier League is his most likely destination, with the two Manchester clubs reportedly keen.

There have also been suggestions, though, that the Spaniard could take a year-long sabbatical, just as he did when departing Barcelona in 2012.