There are reports Carlo Ancelotti accepted a pay cut in order to leave Everton and take the Real Madrid job.
The tactician officially signed the contract to June 2024 this evening.
It was a return to the Bernabeu, where he had won the Champions League during his 2013-15 tenure.
According to Sky Sport Italia and Tuttomercatoweb, the contract is worth €6m per season.
This is a pay cut from the €8m per season that Ancelotti was picking up at Everton.
The Italian turns 62 later this month and has won a title in all five major leagues except for Spain.
He won Serie A with Milan, the Premier League for Chelsea, Ligue 1 at PSG and the Bundesliga on the Bayern Munich bench.
Although he did win the Champions League for Real Madrid in 2014, the Club World Cup, the UEFA Supercup and Copa del Rey, he did not take La Liga.