Ancelotti is under serious threat as the Blues look set to finish the season empty-handed after their Champions League exit at Manchester United on Tuesday night.
In the line of fire: Chelsea boss Carlo Ancelotti on the Old Trafford touchline
With Chelsea way off leaders United in the Barclays Premier League - and out of the two domestic cups - Ancelotti may be booted out.
And his cause has not been helped by Lippi admitting his would be tempted with a move to Stamford Bridge.
The World Cup-winning coach, who stepped down from his second spell as Azzurri coach after last summer's World Cup, would like to ply his trade in England.
Glory days: Marcello Lippi holds the World Cup aloft in 2006
Lippi, 63, told Radio Mana Mana: 'I miss coaching - this is normal. My years have been intense and rewarding.
'There were also disappointments, but this is absolutely normal because you cannot always win. In this respect I can only be satisfied, but the desire to do my job is still there.
'The future? I'd love to coach in the Premier League. Chelsea? It would be nice, but also to lead a national team would not hurt.'
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