Speculation surrounding the Italian's future has grown ever since Luiz Felipe Scolari was sacked as Blues boss in February.
The former Juventus manager has also seen his name linked with the Real Madrid hot seat despite Milan vice-president Adriano Galliani reiterating that the 49-year-old has a contract with the club until 2010.
The media in Italy have also speculated that current Cagliari coach Massimiliano Allegri could be lined up as a replacement should Ancelotti leave the club in the summer.
"Galliani has already spoken and I have nothing to add to that," he said.
"Allegri? He has the ability to coach any team, he could even coach Chelsea but if he wants the job here he's going to have to wait."
Milan travel to a rejuvenated Chievo at the weekend with the Flying Donkeys losing just once in 13 games to lift them off the foot of the table.
"We're thinking about finishing in the top three and then we'll work on being competitive in the Champions League," Ancelotti added.
"We have to think only about our own objectives but we have to be careful because the league is full of difficulties."