Pato, AC Milan, Estimated cost: £45m
Prodigously gifted Brazillian forward who Ancelotti mentored as he broke into the Milan team three seasons ago. Averages a goal every other game in Serie A and would provide some much needed attacking imagination while Drogba and Anelka continue to misfire.
David Luiz, Benfica, £33m
Central defender would plug the gap left by Alex's long-term absence. The 23-year-old Brazilian already has four caps for his country, but Ancelotti is unsure about the asking price Luiz's Portuguese club have attached to their defensive linchpin.
Luka Modric, Tottenham, £30m
Ancelotti has distanced himself from a move for the Tottenham playmaker, but the Croatian could be a viable long-term replacement for Frank Lampard and would not need time to adjust to the Premier League.
Cristian Nazarit, Independiente, £2m
Also fancied by Real Madrid, the Colombian striker is 20 and scoring goals for fun in Argentina. Has been called "the next Samuel Eto'o" and would be a snip at around £2m.
Alex Oxlade-Chamberlain, Southampton, £10m
Unlikely to set the world alight immediately as he is just 17, but the attacting midfeidler has scored five times for Southampton this season and fits in with the club's attempts to lower the average age of their squad. Also a target for Liverpool.