Recent reports suggested that Ancelotti is on his way out of San Siro, and the former Parma and Juve tactician confirmed such talk after Milan's final game of the season against Fiorentina.

"My wonderful experience with this side ends today. I thank all the players, directors, fans and everyone involved," Ancelotti said after beating Fiorentina 2-0.

"I think it ends in the right way and is probably the right choice for both me and the club.

"The respect and affection remains with all the people who over the years participated in this adventure."

Ancelotti, who is linked with a move to either Chelsea or Real Madrid, refused to announce where his next destination will be.

"I cannot officialise my future because I do not have an agreement with any other club."

Ancelotti has won a number of local and continental trophies with Milan since he took over the club in 2001.

Under his guidance, the club were twice crowned UEFA Champions League winners and once Serie A, Coppa Italia and World champions.