Carlo Ancelotti would be "pleased from a professional point of view" if he was part of Arsenal's plans in their search to find Arsene Wenger's replacement.
Frenchman Wenger surprisingly announced on Friday that he will leave the Gunners at the end of the season after nearly 22 years in charge.
Chief executive Ivan Gazidis revealed at a press conference how Arsenal plan to "find a new path forward", with Ancelotti one of the names linked with the impending vacancy.
The experienced Italian coach, who has been out of work since leaving Bayern Munich last September, is ready to return to management but only if he is presented with the right opportunity.
"The Gunners know their own future, if their plans involve me then I'm pleased from a professional point of view, but at the moment there's nothing else," the former Chelsea boss said at the Match For Solidarity in Geneva.
"My future depends on the chances and projects presented to me, it's not only up to me.
"I have no time to think other things. And after tomorrow, after the game I can think about my future. But the future of the manager doesn't depend on the manager. Because I can say 'I would like to work again,' but that doesn't depend on me.
"If I find the right possibility, the right project, I will be delighted to continue. But, as I said, I am really concentrating on the game tomorrow."
Ancelotti, who did the double in his first season in charge at Stamford Bridge, praised Wenger for making the decision to step down out of respect for his long-time employers.
The outgoing manager could still end his tenure on a high by winning the Europa League, with Arsenal set to face Atletico Madrid in the semi-finals of the competition.
"I think that it's a great decision," he added.
"I think it's the decision for Wenger with a lot of respect for the club and also I think the club has shown a lot of respect because he's done a fantastic job and he's doing a fantastic job with Arsenal because he is in the semi-final of the Europa League.
"So, great respect and great honour to Arsene."
Brendan Rodgers, Thomas Tuchel and Luis Enrique are also among the favourites to take over at the Emirates Stadium.
