Arsene Wenger had told the Arsenal board that Carlo Ancelotti was his preferred choice to succeed him as manager when he resigned last season.
Wenger left the Premier League club after 22 years at the end of last season and Spaniard Unai Emery was appointed as his successor.
“I’ll tell you a behind-the-scenes story dating back to last summer when Arsene Wenger indicated Carlo Ancelotti as his possible heir and successor on the Arsenal bench.
“Carlo Ancelotti, as you know, has a Canadian wife and the whole family lives in London. So he was interested.
“Arsenal then chose Unai Emery and at that point, Carlo Ancelotti signed for Napoli.
“But he has not forgotten that Arsenal rejected him,” Venerato told TV Luna’s ‘Goal Show’.