The Italian coach believes that the Spaniard may never be able to make his mark at Stamford Bridge and claims that Frank Lampard's worth is beyond doubt
The Spain international has failed to impress at Stamford Bridge since joining the club from Liverpool in January 2011.
With only five goals to date in a Chelsea shirt, Torres has come under criticism from the fans, and Ancelotti, who coached the player in the second half of 2010-11, says the Spaniard may never show his true colours with the Blues.
"He is a gamble," Ancelotti told Tuttosport. "I coached him after he spent some time injured, but the time for waiting has gone on too long.
"He is still a great striker and perhaps in the right atmosphere he could return to Liverpool."
Quizzed on his opinion about Frank Lampard, who was linked with a move to PSG on Thursday, Ancelotti said: "He is more of a sure bet".
The Italian coach also admitted that he is a fan of Liverpool striker Luis Suarez, who has been suggested as a strong possibility to bolster PSG's attack in the summer.
"Suarez is a fantastic striker," Ancelotti told RMC. "There will be many opportunities in the summer transfer window because many players will be interested in coming to PSG."