The Italian was sacked by Bayern Munich last week after a slow start to the season and a reported revolt amongst the players.
Ancelotti has said he will take the next ten months off, but he hasn’t ruled out a return to top flight football next season.
“I want to manage. Not this season, maybe next season (either) in the Premier League or at another club. The only think I want to do is to train.”
Current Chelsea boss Antonio Conte recently spoke of his desire to return to Italy, and Ancelotti would be welcomed back to the club he won the Premier League and FA Cup with in 2009/10, should his compatriot decide to leave Stamford Bridge.
Arsenal have also been linked with Ancelotti.