Ancelotti's fate was arguably sealed when Chelsea failed to reach the Champions League semi-final for a second successive season.
He said: "The best memory was the (Premier League) victory against Manchester United (last season), and the worst the defeat against them in the Champions League."
If this is to be the end, Ancelotti has learned plenty from his two years in English football.
"This season was nothing special. We had problems, as we had a lot of times in my career.
"We were not able to win the league as we did last year, but we didn't play at our best.
"But we're still in a good position - we were able to reach second place."