The teenager starred as Palmeiras won Brazil's Serie A this month, scoring the goal that secured the title in a 1-1 draw with Cruzeiro on Dec. 7 to make it 11 league goals in 31 appearances for the season.
"My advice is to enjoy the moment, and enjoy what's happening," Ancelotti said in a news conference on Saturday. "He's progressing very well. We're delighted that he'll be our player from July.
Endrick starred for Palmeiras as they won the Brazilian championship earlier in December. Photo by DOUGLAS MAGNO/AFP via Getty Images
"He's come to visit us, to watch the game, and we've spoken to him a bit. But we have to wait until July."
Madrid confirmed a deal to sign Endrick in December 2022 in a deal worth a total of €72 million ($78.6m) including variables and taxes, but have to wait until he turns 18 -- in July 2024 -- before bringing him in.
"He's still learning Spanish," Ancelotti said. "He's a boy who's happy with what he's been able to achieve [so far]. He's done well for his team, they've won trophies. He's enjoying the moment, now he's focused on what he has to do, with the [Brazil] Olympic team now. We'll wait for him until July."
Madrid went into the 2023-24 season with Joselu as their only recognised centre-forward -- leaving their No. 9 shirt vacant -- and coach Ancelotti has favoured an all-Brazilian front two, when available, of Vinícius Júnior and Rodrygo Goes.
Ancelotti has been linked with a move to Brazil himself, to take charge of the national team next summer, and refused to be drawn on Saturday on reports that Madrid are set to offer him a contract extension beyond June 2024.
"I already have my [Christmas] present, which is being Real Madrid coach," he said. "[The players] can give me my present tomorrow, winning the game. I'm only thinking about doing well in these two last games [of 2023] and having a quiet Christmas."
"If the club are happy, I'm happy too," Ancelotti added, when pressed on his prospects for a renewal. "There's no hurry and no problems."
Madrid host Villarreal on Sunday second in the LaLiga table, behind surprise leaders Girona.
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