The Italian has told friends he expects to be sacked â€“ but also that he believes Roman Abramovich does not yet have anybody to replace him.
Ancelotti, though, wants his future sorted immediately after Chelseaâ€™s final league match at Everton on Sunday.
The People says last seasonâ€™s double-winning boss would like to stay in England and could even be a shock candidate for the Aston Villa job.
He would be prepared to drop out of Champions League football if he found an English club with the right ambition.
Villa boss Gerard Houllier will make a decision in the coming weeks whether to step down after last month's health scare.