The Blues have had a transfer ban suspended pending appeal so will be free to bring players in when the window opens again.
And with the prospect of Salomon Kalou, Didier Drogba, Michael Essien and John Obi Mikel heading to Angola for the African Nations Cup in January, John Terry expects Ancelotti and owner Roman Abramovich to discuss some possible signings.
"It's good news about the transfer ban being suspended but we lose four good players to the African Nations Cup in January anyway,'' he told the Sun.
"I'm sure the club and the manager are looking into that and having good talks with Roman. I wouldn't be surprised if we do go out and buy because we don't know what's going to happen in the summer - or the following summer.''
The January transfer is usually considered a quieter time for the "big four" clubs, with Arsenal's purchase of Andrey Arshavin in January 2009 and Nicolas Anelka's move to Stamford Bridge in 2008 the two major pieces of business in the last few years.
It can be a dangerous times for clubs outside the Champions League, though, as clubs like Chelsea will be looking to pick up players eligible to play in Europe's elite competition - a good example of this is when Manchester United signed Henrik Larsson in 2007.