Real Madrid will decline Fifa's invitation to participate in the Club World Cup as the governing body have undervalued the compensation the 15-times Champions League winners should receive, manager Carlo Ancelotti said.
Fifa's revamped international tournament, with 32 teams, is set to take place in the United States at the end of next season, with Europe's best-ranked 12 clubs among those invited.
Ancelotti, one of the most successful football managers in Europe, has won the Club World Cup three times and the Champions League five times.
"Fifa can forget it, footballers and clubs will not participate in that tournament," Ancelotti told Italian daily Il Giornale in an interview published on Monday to coincide with his 65th birthday.
"A single Real Madrid match is worth 20 million and Fifa wants to give us that amount for the whole cup. Negative. Like us, other clubs will refuse the invitation."
Ancelotti, who led Real to a Champions League and LaLiga double last season, said there had been a lot of pressure on managers lately but he had managed to stay passionate about his job.
"I see nothing particularly new, this has always been our job but the case of (former Liverpool manager Juergen) Klopp is significant. The pressure continues, the burden of responsibility becomes too heavy, obsession takes over," he said.
"I keep my passion, that's how I live the match, the game, my job; I've always carried this balance with me. I've overcome moments that weren't always positive; after my experience with Everton I was off the radar, they thought I was finished, I was old."
With all three European club competitions expanded to 36 teams from next season, the Club World Cup has come under scrutiny for saturating the football calendar.
In May, Fifa said they would not consider rescheduling their 32-team Club World Cup after global players' union FIFPRO and the World Leagues Association (WLA) threatened legal action if they did not review their plans.