A 2-1 defeat by Manchester United at Old Trafford on Sunday virtually ensured Sir Alex Ferguson's side would take over as champions as they need just one point from their final two matches to guarantee the trophy.
"Manchester United will win the title," was Ancelotti's frank assessment at a news conference.
That this match was even billed as a title-decider was testament to the remarkable turnaround in Chelsea's season in the past two months where they had gone from trailing United by 15 points to being able to overtake them on goal difference.
"I have another year of contract, I would like to stay," said the Italian, sticking to what he has said for weeks and saying it with the same dignified air and raised eyebrow as usual.
"The club will take a decision at the end of the season. We wait and see... they have to take into consideration all of the season."
Chelsea's Russian owner Roman Abramovich has displayed no mercy in showing the door to managers who have not brought home trophies and last year's Premier League and FA Cup double may count for little when it comes to determining his fate.
"They (United) played with more continuity this season, playing good football," he said. "I think this season they did better than us.
"We needed to win here, we needed to have a different performance," said Ancelotti. "Manchester United have fantastic players and a fantastic striker, they found at the first opportunity the ability to score.
"They were the better team in the Premier League."
