Napoli has endured a turbulent campaign and are on a nine-match run without a victory since beating Salzburg on October 23, drawing seven of those games.
Reports in Italy suggest former Milan head coach Gattuso – who played under Ancelotti with the Rossoneri – could be appointed as early as Wednesday, with Napoli chiefs running out of patience in the experienced tactician.
The 60-year-old accepts questions will be asked on the back of a poor run of form and is "ready" for his bosses to pull the trigger.
"The suitcase of a coach is always ready, you can never unpack it," he said at his pre-match news conference on Monday ahead of the Champions League clash with Genk.
"I think that for a coach to be questioned in this kind of situation is completely normal. I'm ready. It's an experience I've already experienced in the past.
"It doesn't scare me and it doesn't worry me that the club could sack me or that I could leave."
Napoli is seventh in Serie A, eight points adrift of the top four, but can guarantee a place in the last 16 of the Champions League with a point at home to Genk on Wednesday (AEDT).
It is unbeaten in five Group E matches, taking four points off reigning European champion Liverpool along the way, and Ancelotti wants his side to carry that form into domestic matches.
"I can't pretend - the team doesn't give what it could give," he said.
"In Europe, we have seen another Napoli, the one I would like to see in the league as well. I am looking for solutions to get out of this difficult period.
"The team is worried because of what they cannot do. They gave the best of themselves against Liverpool, when the weight of responsibility was less.
"I have the feeling that tomorrow [Tuesday] we will have a great game and we will go into the next round and hopefully in first place."