Pirlo is set to leave AC Milan on a free transfer in the summer after the Serie A leaders asked the veteran midfielder to take a pay cut.
Former Milan manager Ancelotti failed to land Pirlo last year but will try again for a player he knows well if he is still in charge at Stamford Bridge beyond the end of the season.
Midfield maestro: Pirlo (centre) could be heading for the Premier League
Mancini is keen to add experience to his midfield - with Patrick Vieira expected to leave - and 31-year-old Pirlo fits the bill having won a host of honours including the World Cup and two Champions League titles.
Juventus are also keeping a close eye on the situation but could not compete financially with Chelsea or Manchester City.
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