Ancelotti was sacked as Bayern Munich manager after just over one season at the Allianz Arena.
The Italian took Bayern to the Bundesliga title last season but was dismissed after last week’s heavy 3-0 defeat to Paris Saint-Germain in the Champions League.
Ancelotti revealed this week that he intends to “rest” for the next 10 months, ruling out the possibility of returning to management this season.
But when he does, the former Chelsea head coach admits he would be open to a return to the Premier League.
“I want to manage,” Ancelotti said. “Not this season, maybe next season (either) in the Premier League or at another club.
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“The only think I want to do is to train.”
Ancelotti spent two seasons at Chelsea between 2009 and 2011, winning three honours in the process including the Premier League title and FA Cup.
But the 58-year-old was sacked by Roman Abramovich after a trophyless 2010/11 campaign, in which Chelsea finished as runners-up in the league.