The Italian guided the Blues to a league and cup double in his first season in English football last year, but a failure to defend successfully both this time around has led to speculation he may lose his job.
But he does not see it that way, and is hopeful of lengthening his stay in west London. He told the Daily Express: 'I want to stay at Chelsea. I would like to extend my contract because I love these players and this club.
True Blue: Carlo Ancelotti (right) says he loves Chelsea and the club's players
'Obviously it is just not my decision, but I don't think they require me to win a trophy to retain my position.'
Ancelotti has been linked with the Roma manager's job after the Italian club cleared the way for a summer move for the Chelsea boss by telling current coach Vincenzo Montella he is on trial.
'Montella has seven games to show us his worth, because we have to be in the Champions' League next season,' said Roma's new owner Thomas DiBenedetto, an American businessman, who pointedly refused to answer questions about Ancelotti.
Chelsea take on Manchester United in the Champions League quarter-finals on Wednesday night, looking to take a huge step towards the only trophy to have eluded them since Roman Abramovich bought the club in 2003.
Head to head: Ancelotti will come under major scrutiny this week when Chelsea face Manchester United in their Champions League quarter-final first leg
It has often been said that the Russian is desperate to win Europe's main prize, but Ancelotti has urged his club to take a patient approach.
He added: 'The Champions League is a dream for this club but it cannot be an obsession.
'It is a motivation. Chelsea deserve to win it. They lost the final on penalties, lost a semi-final in the last minute, they went out with a goal that was no goal at Liverpool.
'I have told my players that we have 450 minutes of football now to win the Champions League. I believe we can do that.'
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