The Paris St-Germain boss looks set to leave France at the end of the season - with Real Madrid reportedly interested in bringing him to the Bernabeu as a replacement for Jose Mourinho.
But it seems Liverpool and Manchester City were among three Premier League clubs who enquired about Ancelotti's services towards the end of the last year.
The talkSPORT report claims Liverpool's owners, Fenway Sports Group, looked into Ancelotti's availability as Brendan Rodgers continued to struggle for consistency at Anfield, while Roberto Mancini has overseen a disappointing season so far for the defending Premier League champions.
French newspaper Le Parisien reports that both Premier League clubs gave serious thought to approaching Ancelotti in November.
And the Metro reports that Ancelotti has admitted he faces an uncertain future in the French capital.
Speaking to French newspaper L'Equipe, Ancelotti said: "I want to stay. But I know that, at the end of the season, the club will decide whether they're happy or not with my work.
"I haven't spoken with Nasser. It's simple. We will see how things stand at the end of the season and, if the club is happy, and me too, we will continue. Otherwise, there's no other choice. It's one or the other. I'm very happy here, but if the club is not happy, I will have no problem changing."
Jose Mourinho and Arsenal boss Arsene Wenger have been linked with the PSG post, should Ancelotti move on at the end of the season.
The French club top the Ligue 1 table, and face Valencia in the first-leg of their Champions League last-16 tie this evening.
Summer signing Zlatan Ibrahimovic continues to lead the French league's goalscoring charts, and the Swede will be integral to his side's hopes of progression to the latter stages of Europe's elite competition, while Ancelotti will no doubt be keen to lead the Parisian club to a famous Champions League win - it would be his first since he guided AC Milan to victory over Liverpool in the 2007 final.