Less than a month after being sacked by Bayern Munich he is being tipped to make a sensational return to Stamford Bridge seven years after leading Chelsea to a league and cup double.
Bookmakers William Hill followed the nervy 4-2 win over Watford by making Ancelotti 15/8 favourite to take over from his unsettled fellow countryman.
And if he doesn’t fancy that Everton, West Ham, and Leicester are also all understood to be eyeing the manager regarded as one of the best of all time.
Ancelotti, sacked by Roman Abramovich just a year after becoming the first Italian to win the Premier League when he did that double in 2010, appears to be the manager the trigger happy Russian is turning to again.
Just like he did when he employed Jose Mourinho for a second time in 2013, six years after sacking him.
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Regarded as one of the most successful managers of all time 58-year-old Ancelotti is the only one to win the Champions League three times and the FIFA Club World Cup twice in a glittering career that has also seen him manage Real Madrid and AC Milan.
Now Chelsea appear to be leading the chase for the manager now the most sought after by the Premier League’s elite after turning down lucrative offers from China and Italy.
According to Hill’s Ancelotti is also an 8/1 bet to take over from Ronald Koeman at Everton, 9/1 to succeed Slaven Bilic at West Ham, and 20/1 to move in at managerless Leicester City.
If Chelsea don’t get him for whatever reason the bookies make former Borussia Dortmund coach Thomas Tuchel as Abramovich’s next best bet at 7/2.