A total of 37 points from their 29 matches this season has left them in 12th position in the table, 11 points off fourth-placed Chelsea with nine games left, should the campaign resume.
There is no question that the Merseyside giants will want to get closer to the Champions League positions next season, which could be achievable if they enjoy a strong transfer window.
With that in mind, Sports Mole looks at how Everton could line up at the start of the 2020-21 campaign once Ancelotti has had his first summer transfer window at Goodison Park.
Everton owner Farhad Moshiri has shown that he is not afraid to sanction big moves and that will need to be the case again this summer if the Toffees are to become genuine challengers for the top four.
Jordan Pickford should remain between the sticks for the club despite some patchy form this season, while the Toffees could attempt to turn Djibril Sidibe's loan move from Monaco into a permanent deal.
Ancelotti is not exactly short of centre-backs, but the likes of Michael Keane and Yerry Mina have flattered to deceive this season, and it would not be a surprise to see the club look for a new partner for Mason Holgate.
Chris Smalling, who has spent this season on loan at Roma from Manchester United, has been mentioned as a potential incoming, and the 30-year-old would be a solid signing for Everton if they can complete a deal. Arsenal and Tottenham Hotspur are also both believed to be interested, though, while Roma have said on a number of occasions that they want to complete a permanent deal.
Lucas Digne and Andre Gomes should keep their spots in the side, while Tom Davies could be given the chance to fully prove himself in the middle of the park. Investment is needed in that area of the field, though, and James Rodriguez continues to be linked with a potential move.
Real Madrid are seemingly open to the idea of the Colombia international leaving the Bernabeu this summer, and it would be some capture if the Merseyside giants could bring him to the Premier League.
Davies's chances of a regular run could be determined by whether Everton are able to sign Matias Vecino from Inter Milan. The midfielder was strongly linked with a switch to the Premier League in January, and it is believed that the Blues will make an offer at the end of the season.
Further forward, Dominic Calvert-Lewin and Richarlison have both thrived under Ancelotti and will keep their spots unless either is the subject of a big-money offer during this summer's transfer window.
As a result, a move for Dries Mertens cannot be ruled out. Ancelotti knows the 32-year-old well from his time at Napoli, and the Belgium international is, as it stands, available on a free transfer this summer. He has scored 12 times in all competitions this term and might fancy trying his luck in the Premier League.