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.
With Wenger coming under increasing pressure following a fourth defeat in just seven league games against North London rivals Tottenham Hotspur, Ancelotti has revealed he would jump at the chance to take over at the Emirates..
"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." Ancelotti said.
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: DSG
Source: DSG