Italy's Lega Pro President Gabriele Gavrina will be attempting to become FIGC chief after the position was vacated by Carlo Tavecchio, who resigned after Italy were unable to qualify for the World Cup.
Ancelotti, 58, was the favourite to take over after Giampiero Ventura was fired following Italy's shock failure to reach the World Cup final for the first time in 60 years.
Former Italian football chief Carlo Tavecchio has denied claims of sexual harassment made by a former executive of the Italian Football Federation (FIGC) that were published in Italian media on Tuesday.
Italian FA president Carlo Tavecchio has resigned after Italy's World Cup qualifying fiasco saw the four-time champions miss the finals for the first time in 60 years, an FIGC official confirmed on Monday.
Ventura had refused to resign despite a 1-0 aggregate play-off defeat to Sweden on Monday that saw Italy miss the World Cup for the first time since 1958.
FIFA World Cup 2018 qualifiers: From ignoring young talent to hiring wrong coach, reasons for Italy's shocking exit
As the world comes to terms with a World Cup in Russia without Italy, here are five things that led to the Azzurri's historic exit.
FIFA World Cup 2018 qualifiers: Andrea Pirlo criticises 'scared' Italy after loss to Sweden in play-off 1st leg
"Playing in Europe is not like in Italy, where you get a free kick for even the slightest contact," said Pirlo.