Ancelotti was pictured with PSG officials in the French capital on Wednesdsy as speculation grew he was on the verge of signing a two-and-a-half year contract to replace Antoine Kombouare.
That would mean a return to the touchline for the Italian for the first time since he was sacked as Chelsea boss in May.
A PSG statement today read: ‘A press conference will be held this Friday, December 30 at the Parc des Princes at 3pm.’
A deal that has taken some time to put together has been complicated by the fact Kombouare had yet to be sacked by PSG, who revealed last week they were in discussion with the 48-year-old regarding his future.
Kombouare’s place at the helm has constantly been the centre of scrutiny this season despite leading them to the top of the Ligue 1 table at the winter break.
Kombouare oversaw a premature Europa League exit at the group stage, however, and the club’s ambitious new Qatari owners have sought to reinvigorate the capital club with high-profile names.
Ancelotti, 52, fits that bill and a deal would seem imminent after he was pictured in today’s Le Parisien newspaper meeting PSG sporting director Leonardo at the Parc des Princes last night.
Further pictures of him emerged on Thursday, apparently entering a Paris hospital.
The former AC Milan boss could also be joined by David Beckham, who he coached briefly at the Italian club during his first loan spell at the San Siro, in the coming days.
PSG are reportedly close to completing a deal to sign the former England skipper once his contract with Los Angeles Galaxy expires at the end of the month.
Ancelotti won a league and cup double with Chelsea in his first season in charge before he was sacked at the end of last season despite finishing second.
The Italian was also a two-time Champions League winner during his decade-long spell at Milan.