Everton will hold talks over the summer schedule of Richarlison if Brazil qualify for the Olympics.
The 22-year-old could be selected for the competition, which runs from late July to early August, should Brazil overcome an unbeaten Argentina on Monday morning or other results fall in their favour.
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But it has also been suggested that Richarlison has told Brazil's Olympics coach, former Middlesbrough player Juninho, that he wants to play in the tournament in Tokyo.
The Olympic tournament is scheduled to take place from July 22-August 8 - the day the new Premier League season starts.
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Ancelotti, who has taken Everton up to seventh after a 17 point haul from eight games, says talks with Brazil national team chiefs will need to happen in the coming months.
"Of course he is an Everton player and we have to respect the national teams, we can talk with the national team to find the right solution for every one," he said.
