Having told the Russian billionaire that Chelsea are a bit boring, the new manager is considering a move for Real Madrid's Wesley Sneijder should he miss out on Franck Ribery.
Ribery, along with Xabi Alonso, was named by Ancelotti in his book, Preferisco La Coppa, as the kind of player Chelsea need. "Chelsea are a strong team, a physical team doing very well," Ancelotti said on Monday in the kind of statement that can be interpreted more than one way.
"They can be improved with some creative players. We are looking for these creative players. Ribery is, for sure, a great, great player. But Ribery, I think, he will stay in Bayern Munich. Madrid can buy Ribery, I know. Not only Ribery, but Alonso as well. I know how many players Madrid can buy."
It was all said with a smile and it was the kind of smile that was a reminder that Ancelotti had not always been totally honest in the past. Indeed there is a quiet confidence at Chelsea that despite the allure of Real Madrid and Bayern's pledge to try to keep Ribery, they still have a chance.
Ancelotti had hoped, before the furore over John Terry, that the big player news on Monday would be his announcement that Chelsea had signed Yuri Zhirkov from CSKA Moscow for £18 million. Chelsea had held back on confirming the deal until the new manager started and the Russian joins Ross Turnbull and Dean Sturridge as new recruits.
The Italian still wants countryman Andrea Pirlo but appears to have been convinced by the Chelsea board that Milan's price is prohibitive for a 30 year-old, while Ancelotti will talk to Andrei Shevchenko, who is scheduled to return from a season-long loan, to find the best "solution" for him.
That probably means the striker being allowed to leave. There were warmer words for Didier Drogba, while Ancelotti is aware that the negotiations to sell Ricardo Carvalho and Deco to Inter Milan are collapsing.
Whatever the make-up of the squad, Ancelotti's targets are certain. He has to win the Champions League and, preferably, in style. He is also aware, and laughed at the reminder, that no manager has completed a full season at the club since Jose Mourinho's departure. "We have to change this," Ancelotti said. "I think I can do great work here."