The former Bayern winger claims to have been informed by a reliable source that the Italian coach has a pre-contract agreement in place with a CSL club.
That deal could be pushed through in the New Year, ahead of the 2018 campaign in the Far East.
Basler told German talk show Sport1: "Some days ago I heard that Carlo Ancelotti has already signed a contract for a club abroad starting in the winter.
"It's said that he has already signed a pre-contract at the place where the most money exists, in China."
The ex-Germany international went on to add: “I cannot confirm it 100 per cent but my source is very trustworthy.
“Let’s put it this way: I can’t say anything negative about my source, who I completely trust.
“I’m not saying it’s definitely true, but this is what I’ve been told.”
Goal understands that a CSL club has sounded out the possibility of Ancelotti making a move to Asia, but that all parties are “a significant distance from reaching an agreement”.
Guangzhou Evergrande are considered to be a possible landing spot for the 58-year-old, with Luiz Felipe Scolari currently under pressure after suffering a 4-0 mauling at the hands of Shanghai SIPG in the first leg of their AFC Champions League clash.
Were Ancelotti to make such a move, it would represent the second time in his career that he has followed World Cup-winning ex-Brazil boss Scolari into a post.
He did likewise back in 2009 when inheriting the reins at Chelsea.
Ancelotti lifted the Premier League title and FA Cup during his time with the Blues, with his CV boasting an enviable collection of trophies.
The former Juventus, AC Milan, Real Madrid and Paris Saint-Germain boss has lifted league titles in Italy, England, France, Spain and Germany, while tasting Champions League glory on three occasions – to go with the two European Cups he won as a player.