Ancelotti is widely considered a dead man walking at Stamford Bridge, with the club on the brink of their worst season since Roman Abramovich bought the club almost eight years ago.
The Russian owner is ready to invite Guus Hiddink back to west London, where the Dutchman won the FA Cup during a three-month spell as manager two years ago, but he still has one year left on his contract as Turkey boss.
Under pressure: Carlo Ancelotti with Fernando Torres during Chelsea training
Ancelotti insisted he had yet to learn his fate and was focusing on helping Chelsea finish as high as possible in the Barclays Premier League.
'I don't know what my future is,' he said. 'At the end of the season, I think the club can decide if they want me to continue or if they want to change.
'If they are not happy, they can change without problem. This is not a problem for me.'
Chelsea have only finished a season without silverware twice during Abramovich's reign, with the Russian sacking the manager on both occasions.
Ancelotti, who confirmed he spoke with the owner after Tuesday's Champions League defeat at Manchester United, won the double in his first campaign in charge.
But he admitted this would mean nothing considering this season's collapse.
'Last year is the past,' he said. 'Everyone was happy to win the double last year but this is the past.
Knocked out: (from left) Michael Essien, John Terry, Ashley Cole and Frank Lampard after their European exit
'Obviously, this season was not a good season for us but now we have seven games.'
He added: 'To speak now about which kind of change the club wants to do for next season about a new transfer or my future is not the right time.
'Every one of us has to try to do the best for the last seven games. After that, in the summer, we can speak about this. But to speak now is not the right time.'
Decision time: Blues owner Abramovich
Ancelotti also insisted it was not the time to apportion blame for Chelsea's season.
'It's not the moment to find guilt,' he said. 'It's a moment to stay focused on the next game, do our best, and look to the end of the season. We can judge at the end what was wrong and what was good.'
Ancelotti is the sixth manager of the Abramovich era, with the Russian having lost patience with previous bosses over their failure to land the Champions League.
Asked about the importance of stability at a club, the Italian said: 'I came from a country that they don't think that continuity is the right thing. I stayed eight years at Milan. It was good.
'The most important thing for a club, and for a manager, is to have a good relationship with the club, the owner. When this relationship is not good, you have to change.
'Until now, the relationship with the owner is fantastic. He has supported me this season when we didn't achieve important results.
'If, at the end of the season, the owner decides my job was not good enough, this is not a problem.
'I will try to do my best, because I want to stay here. If there is a possibility to do that, I will be happy.
'There are a lot of people saying my future will not be here next season, but I'm not sure about this. We have to wait until the end of the season.'
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Explore more:People: Roman Abramovich, Carlo Ancelotti Places: Milan, London, Turkey