The news follows Bayern's 3-0 humbling at the hands of Paris Saint-Germain in the Champions League on Wednesday -- their biggest Champions League group-stage defeat in 21 years.

Bayern CEO Karl-Heinz Rummenigge warned there would be consequences following the defeat in France, with SportBild reporting on Thursday morning that a meeting was due to be held later in the day to discuss Ancelotti's future.

Bayern assistant coach Willy Sagnol will take over from Ancelotti as interim coach, while former Borussia Dortmund boss Thomas Tuchel has also been mentioned along with Hoffenheim coach Julian Nagelsmann also linked.

Ancelotti won the Bundesliga title in his debut season at Bayern, but he saw his side knocked out of the Champions League by Real Madrid at the quarterfinal stage and by Borussia Dortmund in the DFB Pokal semifinals.

A slow start to the new Bundesliga season has seen Bayern lose one and draw one of their opening six games to leave them third in the table.