The ceremonial signing of the contract will take place tomorrow with Florentino Pérez, after which Ancelotti will address the media.
The Gunners did win their match against Brighton and Hove Albion but it was not enough to see them through to Europe.
Although PSG don't have their destiny in their own hands, Mauricio Pochettino's side know that they will need to win the match at any cost.
With the final Premier League matchday set for Sunday (May 23), we look at what teams must do to ensure they play in Europe next season.
West Ham beat West Brom 3-1 at get closer the Europa League qualification, Arsenal and Everton post wins to keep their European Conference League hopes alive.
Sixth placed Spurs will be desperate for a victory to keep their European dreams alive whereas eighth placed Everton will be looking to grab a Europa Conference League spot with a ...
The Netherlands international, who has been out for most of the season at Anfield, wants to focus on getting himself fit for next season.
Everton beat West Ham 1-0 at the London stadium on Sunday courtesy of a first half goal from Dominic Calvert-Lewin.
Everton manager Carlo Ancelotti is confident his side will put up a good showing against West Ham United in their Premier League match on Sunday.
Everton and West Ham United will face off in a Premier League match that could dictate their chances of playing continental football next season.