(CNN) -- Football's managerial merry-go-round swung into action Tuesday as both Real Madrid and Paris Saint-Germain ended months of speculation by appointing new coaches.
Carlo Ancelotti has left PSG to take over at Real, while former French national team coach Laurent Blanc has replaced the Italian in Paris.
Nine-time European champion Real has been searching for a new coach since Jose Mourinho moved to Ancelotti's former club Chelsea earlier this month.
Ancelotti has signed a three-year contract at the Bernabeu and will be presented to the media on Wednesday.
Former France captain Blanc's arrival at PSG was announced at almost exactly the same time as Ancelotti's appointment.
"Paris Saint-Germain is delighted to announce the appointment of Laurent Blanc as coach for the next two years," read a PSG statement.
"The board of Paris Saint-Germain has given Laurent Blanc the mission to build on last season and to continue the club's ascendency towards the summits of the European game."
Both Ancelotti and Blanc will be tasked with improving their respective club's performance in the European Champions League.
Ancelotti will look to deliver an historic 10th triumph in Europe's premier club competition for Real, having won the competition twice as coach of AC Milan.
The 54-year-old also won the European Cup twice with Milan as a player.
Qatar-owned PSG will expect Blanc to mould an expensively-assembled squad into a major European force.
Blanc will have players such as Sweden striker Zlatan Ibrahimovic and Brazil captain Thiago Silva at his disposal at the Parc des Princes.
As a player, Blanc led the France team during the greatest period in its history.
He captained the team to victory on home soil at the 1998 World Cup, when France beat Brazil 3-0 in the final, before playing a central role in Les Bleus' win over Italy in the final of Euro 2000.
Blanc has been out of work since stepping down as France coach after Euro 2012.