Speculation has suggested that informal talks over a £70million deal have already started as the Blues look to tempt the Brazilian to the Premier League, while returning Real Madrid president Florentino Perez is also a long-term admirer.
Ancelotti's appointment as manager at Stamford Bridge was confirmed on Monday and the Italian is set to begin a three-year contract at the beginning of July with the aim of securing the UEFA Champions League.
It is rumoured that Kaka is top of the 49-year-old's wanted list as he plans tweaks to his inherited, ageing squad, with Chelsea owner Roman Abramovich understood to be prepared to spend big this summer.
World recordBut Kaka, who broke into the Milan side under former boss Ancelotti, insists he is staying in Italy, telling Gazzetta dello Sport: "I say it for the last time. I don't want to leave Milan."
The playmaker appeared to be on the verge of a world-record switch to Manchester City in the winter transfer window before the deal collapsed as Milan opted out of selling.
Kaka's potential move to Eastlands was shrouded in controversy as it was suggested the player was being forced out of Italy against his wishes.
The 27-year-old has now stated that he will make no further comment upon his future so that there is no confusion over his desire to stay at Milan.
Silent"In this period I prefer to remain silent because I don't want to be misunderstood," he added.
"To the millions of Milan supporters, I say that I have made my choice. I want to stay."
Kaka admits that he is in a debt of gratitude to Ancelotti after he was offered the opportunity to shine.
"I owe him a lot. He opened the doors for me in Italian football," he concluded.