Top of his wishlist is Real Madrid man Sergio Ramos, but whether the Spanish World Cup winner would fancy a move to the capital is not yet known.
Ancelotti is hopeful that a bid of around £25 million could tempt Madrid to part with one of their key men as they look to earn back some of the huge amounts of cash spent on new talent over the last couple of seasons.
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Chelsea's London rivals Arsenal are also in the market for new players when the window opens, with a move for highly-rated striker Mario Gavranovic potentially on the cards.
The Shalke striker has been in good form this season, helping his side reach the quarter-finals of the Champions League and earning rave reviews from his former Swiss U21 team-mate and Arsenal defender Johan Djourou.
The forward, who is also eligible for Croatia, could cost around £7m.
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Aston Villa are keen on signing Michael Owen from Manchester United.
AC Milan are preparing a bid for Newcastle left-back Jose Enrique.
Liverpool are considering a move for Osasuna left-back Nacho Monreal.
Birmingham midfielder Sebastien Larsson is a target for both Atletico Madrid and Deportivo La Coruna when his contract expires this summer.