Real Madrid manager Carlo Ancelotti has cast doubt over his future at Real Madrid after the reigning European champions were eliminated from the Champions League by Juventus on Wednesday.

The former AC Milan, Chelsea and Paris Saint-Germain coach’s position is expected to come under increased scrutiny with Real now likely to finish the season without a major trophy. The 2-2 draw against Valencia on Saturday left Ancelotti’s side four points adrift of Barcelona with just two matches remaining.

The Italian, who signed a three-year deal at the Santiago Bernabéu in June 2013, admitted that he could now be on borrowed time.

“I don’t know if I will be here next season,” said Ancelotti, before adding that nothing will be resolved until the end of the season.

“Today to talk about the future does not make much sense. We have two league games and we must try to close the season the best way we can by winning them. Then we will meet and discuss the future.”

In quotes reported by Spanish newspaper Marca, Ancelotti later indicated that he would be willing to remain in the Spanish capital: “If the club is happy with the work I have done in two years, I can continue. If they are not happy, they have to make a decision. I want to stay here, but I know how it works in football.”

Ancelotti had been considered a frontrunner to take over at Manchester City should Manuel Pellegrini leave his post. However, with the Chilean now expected to remain at the Etihad, he may have to look elsewhere if Real decide to end his tenure early.

Having been granted Uefa pro coaching licence last week, reserve team coach Zinedine Zidane would be a major contender to take over, although Ancelotti has clearly not given up hope of being handed a third season at the helm.

“Proud of this team and the fans” he tweeted. “Today we saw the bitter side of football, but altogether we’ll be back!”