The England ace was hooked at halftime of their FA Cup win over Cardiff City on Saturday.
The Daily Mail says Cole was denied the chance to win over Ancelotti after a dreadful first-half display that did nothing to strengthen his hand with regard to contract negotiations.
Another real danger for Cole is that Chelsea's fans are beginning to show the same lack of patience with him as his manager, if the rumblings of discontent around Stamford Bridge are anything to go by.
None of the usual tricks and flicks came off for Cole as he consistently conceded possession before being hooked at the break for Salomon Kalou.
It was left to assistant Ray Wilkins to try and provide an explanation for Cole's lack of form which has seen him denied the opportunity of a full 90 minutes in his last six games. Perhaps Cole was trying a little too hard?
"It could be the case, especially when he plays here," conceded Wilkins. "He is an entertainer and the supporters love to see him do his stuff. For individualists like Joe in possession of the ball, it is a confidence thing."