PHOTO: AFP
United's current manager Louis van Gaal has suggested he will retire when his deal with the Premier League club expires at the end of the 2016-17 season.
Ancelotti, who was sacked by Real in May, has already been linked with the Old Trafford outfit this year and his name has been mentioned again after renewed criticism of van Gaal's conservative tactics.
United need a win at Wolfsburg on Tuesday to be sure of avoiding elimination from the Champions League and in an interview with The Independent, Ancelotti said that while he would ideally get back into work next year, he would be prepared to wait longer, especially if a club of United's stature came calling.
Champions League: Ancelotti unsure of future after European exit
"Of course, for every manager, they would all think of managing Manchester United," he was quoted as saying.
"I will continue to wait. If I don't find a club with a good project, I can wait.
"What will I do? Watching games, fishing, all these things.
"But let us see next summer. I will not take a job in mid-season, but I would like to work again next summer."
Ancelotti, who has also managed AC Milan, Juventus and Paris Saint Germain, led Chelsea to the Premier League title in 2010, with the Blues scoring 103 league goals.
That is a far cry from the current United goal drought which led frustrated fans to boo their team and chant 'attack, attack, attack' during Saturday's 0-0 draw against West Ham.
"Of course, for every manager, they would all think of managing Manchester United," the 56-year-old Italian added.
"I would like to come back in a club with a good project, but, of course, one that is competitive.
"The Premier League is the best in the sense of atmosphere, ambience. It is also competitive, so I would like to come back, especially for the atmosphere."
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