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| Ancelotti (left) is a candidate to replace both Mourinho or Van Gaal (right) next summer |
Ancelotti is seeking a new club after being sacked by Real Madrid in the summer.
He has already said he is interested in returning to the Premier League, with Manchester United mooted as a possible destination.
But the Italian insists he will only consider teams playing in European football's elite club competition - and that could rule Chelsea out of the running.
“I suffered a lot from leaving Real even though I understood the situation and prepared myself,” Ancelotti told French magazine France Football.
“But I don’t miss the pressure, it’s enough to see what is happening to (Rafa) Benitez this year.
“I want to win another Champions League and so I’m looking for a great club that can allow me to, regardless of the country.
“Milan? I received a proposal but at that time I had to have an operation and after Real the desire had left me.”
Chelsea are still in this season's Champions League but unless they win the competition look increasingly unlikely to be involved next year.
Blues owner Roman Abramovich has no plans at this time to part with manager Jose Mourinho, despite Chelsea sitting 14th in the Premier League and 14 points off fourth-place United.
Ancelotti has been linked with a return to Chelsea, who he guided to a league and FA Cup double in 2010.
But the 56-year-old appears unlikely to be standing on the Stamford Bridge touchline next season unless he either has a change of heart or Mourinho, somehow, secures the club Champions League football but is sacked in the summer.
As for United, current boss Louis van Gaal is under heavy pressure to secure at least a top-three finish this season after the club crashed out of the Champions League this week.
United officials are determined to stick with Van Gaal but senior sources have confirmed that they may let the Dutchman go in the summer - a year before his contract expires.
The Red Devils are just three points behind league leaders Leicester, with Manchester City and Arsenal also in the title race.
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