The veteran Italian coach went a long way to restoring his reputation following a mediocre spell at Everton by masterminding Real Madrid’s unlikely Champions League triumph last season.
Only a successful defence of the trophy they won at Liverpool’s expense in Paris last May is likely to keep Ancelotti in his current job, however, and that precarious situation has alerted Chelsea’s hierarchy.
The Blues have begun the process of hiring Potter’s replacement but are minded to carry out and extensive search in the knowledge that their next appointment is crucial to the major rebuilding project they have already embarked on.
Julian Nagelsmann and Luis Enrique have already held discussions this week, while the likes of Mauricio Pochettino and even Jose Mourinho are on Chelsea’s radar.
According to ESPN, Ancelotti ticks many of the boxes Chelsea are looking for in a new head coach and the 63-year-old’s willingness to work alongside a technical director suits the model in place at Stamford Bridge.
Ancelotti spent two years in west London between 2009 and 2011, during which time he won a Premier League and FA Cup double.
Frank Lampard is ready to play a part in the “collaborative” vision for Chelsea’s future held by the club’s owners as he prepares to lead the team through the final weeks of the season.
The 44-year-old was appointed as interim boss in place of Graham Potter who was sacked on Sunday just 31 games into a five-year contract.
Chelsea are 11th in the Premier League and, despite spending more than £500million since Todd Boehly’s Clearlake Capital consortium took control in May, have scored fewer goals than any side in the division’s top half.
This week the club opened talks with ex-Spain boss Luis Enrique, who arrived in London on Wednesday, about becoming Potter’s permanent replacement, with Julian Nagelsmann, who left Bayern Munich in March, also under consideration.
Chelsea have made it clear that they intend to conduct a thorough search for their next manager after hurriedly appointing the former Brighton boss in September just 24 hours after the sacking of Thomas Tuchel.
Lampard is the club’s all-time top scorer, netting 211 times across a 13-year spell at Stamford Bridge, but was dismissed after only 18 months when he returned as manager under former owner Roman Abramovich.
Despite the turmoil that has rocked the club during a disappointing season, he said that he has observed plenty within the owners’ plans for the club to convince him they are suitable custodians.
‘From conversations I’ve had with the people running the club now, they’ve all been very positive,’ said Lampard. ‘I’m very experienced now in working at different clubs. You get an understanding of what you feel like is a club that has a vision and wants to move forward.
‘Of course, it’s about people at that point. Good people working in the right direction, collaborating and talking, trying to find the right way. That’s the sense I’ve had in coming here. I’m ready to play my part in that process.’
MORE : Paul Merson makes prediction for Frank Lampard’s first game back in charge of Chelsea as Blues face Wolves
MORE : Chelsea star Mateo Kovacic feels positive about Frank Lampard return and lifts lid on first team meeting
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