Everton have been heavily linked with a move for the former Wolverhampton Wanderers manager Nuno Espirito Santo in the last few days.
The Italian manager is currently out of a job after leaving Inter Milan.
Conte reportedly held talks with Tottenham Hotspur as well but the two parties could not come to an agreement.
SL View: Conte would be a sensational choice to replace Ancelotti
The former Chelsea manager is a world-class coach and his appointment would be a massive statement from the Everton board. Farhad Moshiri has been ambitious in the transfer market since taking over and the Toffees need a top-class manager now.
Everton fans will be hoping for a quality replacement for Carlo Ancelotti and frankly, Nuno would be a downgrade. However, the potential appointment of Conte could be exciting for the Goodison faithful.
The Italian has already won the Premier League with Chelsea and he could transform Everton next season.
He helped Inter Milan win the Scudetto this past season after 11 years and he has a proven track record of winning trophies throughout his career.
Everton are in desperate need of someone like him and it remains to be seen whether the Toffees can pull off the ambitious move in the coming weeks.