The Blues are set to make a decision on Ancelotti's future at the club in the next fortnight, following a season in which the west Londoners have failed to win a trophy.
Terry is hopeful that the Italian, who won the Barclays Premier League and FA Cup double in his first season in charge last term, will remain to at least see out the last season of his three-year deal, and told The Sun: "He's got my full support. I love Carlo. He won the double in his first year and this season the injuries and releasing players has been tough for him."
Chelsea released veteran midfielders Michael Ballack, Deco and Joe Cole last summer and Terry believes their departures left the club short on numbers in their title defence.
"When (Jose) Mourinho was here we had a big squad but we miss that," he added.
"Somewhere in between where we are, and what we had, would be ideal."
Source: PA
Source: PA