The 55-year-old has won a whole host of domestic and world titles during his time in charge of Juventus, AC Milan, Chelsea, Paris Saint-Germain and Real Madrid.
However, the current Real boss says he retains a long-held ambition to take charge of his country.
"My dream is to coach the Italian national team," Ancelotti said at a conference at a university. "And I hope in the future to realise it, because I'd like to win a World Cup with Italy."
Ancelotti's Madrid side are the reigning European and world champions and currently sit top of La Liga with a four-point lead over Barcelona.