Ancelotti boasts plenty of experience from managing across the continent, becoming the only manager to have won the Champions League three times and reached four finals, and he is currently awaiting a new challenge after being sacked by Bayern Munich last year.
Asked about the prospect of managing Arsenal, the Italian hinted that he would welcome any approach from the Gunners' hierarchy.
"[Wenger] decided to leave and it was a great gesture of solidity," he is quoted as saying by the London Evening Standard. "He made history, and he has to be recognised for that.
"The Gunners know their own future, if their plans involve me then I'm pleased from a professional point of view, but at the moment there's nothing else.
"My future depends on the chances and projects presented to me, it's not only up to me. Right now, though, I'm focused on helping UEFA with this wonderful event for those in need."
Ancelotti won a Premier League and FA Cup double with Chelsea during the 2009-10 season.