Milan ace Alexandre Pato is top of owner Rom's hitlist.
Ancelotti takes over on Wednesday and will be unveiled a week
tomorrow with billionaire Abramovich keen to celebrate his arrival
by clinching as least two "stellar signings".
Chelsea will make a fresh £50m offer for AC Milan's Brazilian
striker Pato, 19, after their £45m bid was rejected.
The Blues have already clinched a £19m deal for CSKA Moscow
winger Yuri Zhirkov, 25, with Manchester City's 19-year-old Daniel
Sturridge another done deal.
Ancelotti has handed Chelsea a wish list of stars to pursue
which includes Pato's AC Milan colleague Andrea Pirlo, Bayern
Munich's Franck Ribery, Liverpool duo Fernando Torres and Xabi
Alonso and Arsenal midfielder Cesc Fabregas.
Ancelotti is also ready to offer new £125,000-a-week deals to
striker Didier Drogba, left-back Ashley Cole and midfielder Michael
Essien as he bids to land Rom the Champions League crown he
covets.
But newly-married England ace Joe Cole and Portugal defender
Jose Bosingwa could be on their way out of Stamford Bridge.
Middlesbrough keeper Ross Turnbull, 24, will be on the payroll
alongside Zhirkov and Sturridge by the time Ancelotti meets his
squad for the first time next week.
Boro's England Under-21 star Adam Johnson, 21, and Charlton
prospect Jonjo Shelvey, 17, are also targets.