Ancelotti becomes the highest paid coach

French Ligue 1 club Paris Saint-Germain (PSG) is set to sign Italian coach Carlo Ancelotti to replace Frenchman Antoine Kombouare, reports in France say. Ancelotti, 52, is due to meet the PSG directors to sign an agreement under which he will manage the French club for two-and-a- half years, Xinhua reported.

Under the agreement, PSG will offer 500,000 euros ($653,464) to the veteran Italian coach, the highest salary in the history of the local championship. The Italian previously helmed English club Chelsea and won the Premier League and FA Cup in his first year with the side.

After David Beckham, Ancelotti is the second famous face to be recruited by PSG, whose new Qatari owners are investing billions to improve the club and make it a force to reckon with in European competitions.