Ancelotti has endured a mixed debut campaign after being installed as the Blues' fifth manager in three seasons.
Defeat to Inter Milan in the Champions League first knock-out round was a blow, while Chelsea head to Manchester United tomorrow for the Premier League title showdown having not made the most of the six defeats suffered by the Old Trafford outfit this term.
Men at work: There is a mutual respect between Sir Alex Ferguson (right) and Chelsea's Italian manager Carlo Ancelotti
Yet the Italian has brought a sense of stability to Stamford Bridge after recent upheavals and they could yet end the campaign with a domestic double given an FA Cup semi-final against Aston Villa awaits at Wembley next Saturday.
And, although he will not be offering any favours tomorrow, Ferguson believes the former AC Milan coach has every reason to be satisfied with his efforts.
'There has been no failure on Carlo Ancelotti's part at all,' said the United chief. 'He has done the job well.
'He is a man of great experience. He has won two European Cups as a coach and was a great player.
'You are talking about a pretty high competition level; in Europe and everything, and at this moment in time Chelsea are only a point behind us and they are in the semi-final of the FA Cup.
'The disappointment would be being knocked out in Europe. But it was a really strong performance from Inter Milan to knock them out.
'Overall, I think he has done a good job.'