Borussia Dortmund centre-back Neven Subotic, Benfica winger Angel Di Maria, Napoli midfielder Marek Hamsik and Bayern Munich playmaker Bastian Schweinsteiger have all been suggested as possible targets.
Chelsea line up £45 million David Villa bidPeter Kenyon: Chelsea will not sell John TerryChelsea target Andrea Pirlo wants to stay with AC MilanChelsea did not spend any money in the January transfer window, instead relying on old stagers such as Michael Ballack (33), Frank Lampard (31) and Ricardo Carvalho (31) to maintain their charge for the Premier League title.
However, Ancelotti is keen to inject fresh blood into his side, while also giving the likes of Gael Kakuta and Daniel Sturridge more first-team opportunities.
To make room for the new influx of talent, reports suggest the likes of Deco, Carvalho, Alex and Paulo Ferreira will leave come the end of the season.
Chelsea will face competition from Juventus for Subotic and Manchester United for Di Maria, while Atletico Madrid forward Sergio Aguero remains on Ancelotti's radar.