Ancelotti is likely to leave the San Siro at the end of the season and with the Chelsea post being vacated by Guus Hiddink, it seems a perfect fit.
Zola, who has played under the rein of Ancelotti, said he would be the perfect man for the role at Stamford Bridge.
"I've had him as a manager at Parma," Zola said.
"He is a good manager, experienced with teams at a high level for a long time, so I'm sure he knows how to take a job like that if it happens.
"He knows football very well and I'm sure he won't have any problems in this league.
"I know The Premier League is very different to Italy but it is still football and we are talking about someone who has played and coached football for a long time. I'm sure he can handle it."