Uncertainty surrounds the future of last season's double-winning boss after his failure to guide to club to success this term and former caretaker boss Guus Hiddink, who guided Chelsea to FA Cup success in 2009, is the leading candidate to succeed him.
Owner Roman Abramovich is understood to be keen on shaking things up during the close-season, possibly starting with the appointment of the club's all-time favourite player Gianfranco Zola as first team coach.
Keep Carlo: John Terry has urged owner Roman Abramovich not to sack the under-fire Italian boss
The Blues are set to make a decision on Ancelotti's future at the club in the next fortnight, following a season in which the west Londoners have failed to win a trophy.
England skipper Terry, however, is hopeful that the Italian boss, who won the Barclays Premier League and FA Cup double in his first season in charge last term, will remain to at least see out the last season of his three-year deal.
'He's got my full support. I love Carlo,' Terry told The Sun.
'He won the double in his first year and this season the injuries and releasing players has been tough for him.'
Bouncing back: Terry is determined to lead Chelsea to Premier League glory next season
Chelsea released veteran midfielders Michael Ballack, Deco and Joe Cole last summer and Terry believes their departures left the club short on numbers in their title defence.
'When (Jose) Mourinho was here we had a big squad but we miss that,' added Terry, who is already deeply determined to help Chelsea win back the title next season.
'Somewhere in between where we are, and what we had, would be ideal.'
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Explore more:People: Gianfranco Zola, Michael Ballack, Joe Cole, John Terry, Roman Abramovich, Carlo Ancelotti Places: United Kingdom