The Italian waved to fans not knowing if it was arrivederci or a final goodbye as the team walked round the pitch on Sunday after their 2-2 draw with Newcastle United, their last appearance at Stamford Bridge this term.
They visit Everton on the final day of the Premier League next Sunday effectively assured of second place behind champions Manchester United, but whether that will be enough for owner Roman Abramovich after a trophyless season remains to be seen.
Last term's double in Ancelotti's first season is a distant memory and a look back at how ruthless Abramovich has dealt with previous managers does not make happy reading for the Italian.
"I don't know what happens, we have to wait and after that I can explain. We have to just wait one week, it is not a long period and see what happens," said Ancelotti, whose side also lost to Manchester United in the Champions League last eight.
"If my job is good I will stay. If they think my job was not good I have to go. In my opinion sometimes I did a good job, sometimes I could do better."
Former Russia coach Guus Hiddink, who won the FA Cup as Chelsea caretaker between Scolari's sacking and Ancelotti's arrival and is reported to be a favourite of billionaire Abramovich, is under contact with the Turkey national team.
His agent Cees van Nieuwenhuizen told Reuters last month there was "no chance" of Hiddink leaving Turkey before November and he was set to honour a four-year deal signed in 2010.
Porto's highly-rated boss Andre Villas Boas has said reports linking him with a move were "absurd" and that he plans to stay.
Recent poor results may mean Montella is not kept on by the club's new American owners.
It's a punishing verdict for Roma," Montella said after Sunday's late 2-1 loss at Catania ruled them out of fourth spot.
