The 52-year-old Italian has been out of a job since being dismissed by the Blues in May after two seasons at the helm.
"I have a strong will to remain in England," Ancelotti told Italian newspaper La Repubblica. "For a coach, this is the ideal country. But I would only consider (coaching) top clubs, including Tottenham and Liverpool."
He added: "It's evident that (Arsenal manager Arsene) Wenger's bench is wobbling and that in several months' time, an English coach will be appointed to replace (England manager Fabio) Capello in the national team, which will free up a place in a club."
Capello is under contract with England until the Euro 2012 tournament.
Ancelotti, who was linked this summer with a move to Roma, is happy to play the waiting game.
"I am in no hurry, I promise," he said. "The fact that I'm not coaching does not cause me anguish. In fact, I am enjoying life."
Returning to guide a Premier League club would grant Ancelotti the opportunity to once again go head to head with Manchester United manager Sir Alex Ferguson - for whom he has great respect.
"As time goes on, the more I fall in love with Ferguson," Ancelotti said. "As a coach, he is unusual. It's not as if he guides the training sessions because he delegates a lot and has an excellent staff.
"But he understands football like few do. With him, all the players improve. He has no fear of introducing youngsters."
Source: PA
Source: PA