And Chelsea midfielder Lampard has already been linked with a big-money bid should the Portuguese take over at the Bernabeu.

The pair know each other well from their time together at Stamford Bridge, where Lampard’s influence has been a major factor in Chelsea’s first domestic double.

However, having walked into one ’will-he-won’t-he’ saga over John Terry’s proposed move to Manchester City when he arrived as manager 12 months ago, Ancelotti clearly has no intention of being dragged into another.

“This story is a joke,” said Ancelotti. “Lampard will stay here.

“When I started last season there was a problem with John Terry and Manchester City.

“Every time I said ’no, John Terry will stay here because he is important’.

“I don’t want to do the same with Frank Lampard. He will stay here.”

Changes have been predicted by chairman Bruce Buck in the wake of Saturday’s 1-0 FA Cup final triumph over Portsmouth at Wembley.

However, unlike last term, when Guus Hiddink presented Roman Abramovich with the trophy as a going away present, Ancelotti is going nowhere.

Indeed, so much has the former AC Milan coach enjoyed his first season in west London that he is planning on hanging around for another decade.

“If every season is like this one I would like to stay here for maybe 10 years,” he said.

“I am ready to sign a new contract. It is better to have stability for the club and also for the manager.

“It is not easy to change every year.”

Portugal duo Deco and Ricardo Carvalho seem unlikely to survive, whilst the issue of a new contract for Joe Cole remains a vexed question.

There will be new arrivals, although perhaps the most notable addition will come from the treatment room, where Michael Essien, such a driving force in midfield, has spent most of his season.

“I don’t know what areas I need to strengthen,” he said.

“We have a lot of players injured who will be ready for next season, including Jose Bosingwa and Michael Essien.

“We don’t need a lot of changes but maybe one or two players could arrive.”