Real Madrid manager has effectively ruled out any chance of Cristiano Ronaldo completing an emotional return to Manchester United, but was happy to admit that he'd love another crack at the Premier League under the right circumstances.
Ancelotti was very popular at Chelsea and enjoyed genuine success at Stamford Bridge despite being controversially sacked after just two seasons, winning a Premier League and and FA Cup double in his debut campaign.
One of the most respected coaches in European football has shrugged off that dismissal to lead Paris Saint-Germain and Madrid to success at the highest level, with his decision to swap Ligue 1 for La Liga vindicated by lifting the Champions League last season.
Ahead of a return to England for Madrid's European clash with Liverpool the Italian tactician was asked if he'd ever consider seeking redemption in the Premier League, an idea he received warmly.
Popular but still ultimately under pressure
He told The Sun: “I loved England I was very happy at Chelsea. I liked the atmosphere, the supporters. I have the best memories.
“I’d like to return. It depends how long this adventure lasts. If it lasts a long time I will retire after it. But if it doesn’t then I will come to England. For sure.
“The day I leave Madrid there are two solutions. Either I quit football or I come back to England.”
The 55-year-old is hugely popular in the Spanish capital and has turned Madrid into one of the continent's most exciting sides, making sure marquee signings in Gareth Bale & James Rodriguez don't compromise the balance of a team geared towards getting the very best from Ballon d'or winner Cristiano Ronaldo.
Madrid manager's deal expires in 2016
Ancelotti's position will still be under intense scrutiny if he fails to win trophies though, particularly after falling short of local rivals Atletico and Barcelona in La Liga last season.
His current deal at the Bernabeu expires in 2016, so next summer promises to be crucial as Ancelotti looks to discover if he will indeed spend the rest of his managerial career in charge of Los Blancos.
The veteran supremo is La Liga's highest-paid coach by some distance to boot, picking up an annual salary of £6.26 million, or £120,000-a-week, so there will no excuses for Madrid president Florentino Perez if he doesn't deliver silverware come next May.
Expect there to be no shortage of potential suitors if things turn sour for the likeable ex-Blues chief in Spain, a prospect which is perfectly plausible when you consider Jose Mourinho is only manager to be given three years in charge by Madrid since Vicente del Bosque at the turn of the century.