The Italian has another year to run on his Madrid contract, but that has not stopped him being touted as a potential candidate to fill the vacancies at both the Blues and the Selecao in recent weeks.

Ancelotti, who previously spent two years with Chelsea and guided them to a Premier League and FA Cup double in the 2009-2010 campaign, faces his old club in the Champions League this week.

But ahead of his quarter-final reunion, he has adamantly played down speculation of an exit from Santiago Bernabeu to take up the reins elsewhere.

"There's a nice saying which is just right," he said. "[It is] the wind carries away the chatter.

"That is it. I have a contract until June 30, 2024, and I would like to respect it."

Ancelotti returned to Madrid in 2021 and guided the club to LaLiga glory in his first season, completing a clean sweep of all five major European league titles in his career.

The defence of an additional Champions League triumph has become the club's main aim this season amid a widening domestic battle to catch Barcelona.

Chelsea is searching for a permanent successor to Graham Potter, having turned to another former boss in Frank Lampard to guide them through the end of the season.

Brazil, meanwhile, are yet to name Tite's replacement following a disappointing quarter-final exit at the Qatar 2022 World Cup, with under-20 coach Ramon Menezes in charge on a temporary basis.