The Blues chief was quizzed about the Sampdoria front-man after the club's sporting director Frank Arnesen personally checked on him during the Genoese derby at the weekend.
After Arnesen's trip, Chelsea were linked with a January swoop for the player - who has been attracting plenty of interest from England in recent weeks.
But whilst admitting a liking for the Italy striker, Ancelotti insisted a bid was not imminent.
"Surely Pazzini has some great features and excellent quality," Ancelotti told Tuttomercato.
"But Chelsea is not interested in his purchase."