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Published 14:46 23 Oct 2016 BST
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Ancelotti was asked about potentially managing England in an interview with the Mail on Sunday, and hinted that he might eventually be keen - just not for a while.
"But Southgate…After that? 'Why not? But later. You ask me now. And before there is Italian national team," he said.
And he gave a sense of perhaps having unfinished business on these shores, saying: "I would like to stay here a little bit more, a bit longer and then after that I have to choose England or Italy."
Ancelotti's reasonably successful spell in charge of Chelsea - where he won the title in 2010 with 103 goals scored - would likely see him embraced by a good number of England supporters.
But before that, we may find ourselves in for a couple of years with current caretaker Southgate - or perhaps another candidate - at the helm.
You can catch up on the latest episode of JOE's Football Friday Live right here...
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