Carlo Ancelotti initially preferred a move to Arsenal over Everton but Farhad Moshiri has offered him more money than he could have earned in north London.
As per the Times, the Gunners were his preferred destination but Moshiri has offered him a salary beyond what he could have earned a the Emirates Stadium quoted at £10 million before bonuses.
The Toffees were clearly keen to go all-out to get their man, with Arsenal keen to pursue a more affordable option and seeming set to appoint a rookie manager in Mikel Arteta.
Ancelotti has managed in London before, with Chelsea, and apparently had a ‘hankering’ to go back there but it is Moshiri who looked to have got the Italian.

TBR’s View – Ancelotti could be the man to turn Everton’s money into success
Everton have spent their money with all the hallmarks of a club who are not used to having it in recent seasons.
Ancelotti has been described as a man who puts the finishing touches on teams – perhaps because that’s all the clubs he’s joined in recent times have needed – but he also knows a thing or two about turning big budgets into cohesive, winning teams.
Further, the resources he’ll have at Everton are likely comparable of what he had at Napoli, where he was unbeaten in two matches against Liverpool this season and took his side into the last 16 of the Champions League.
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