With the Blues' defence of the Barclays Premier League all but over coupled with their FA Cup fifth round exit at the hands of Everton during the weekend, the Champions League remains Ancelotti's only glimmer of hope in what has been an abysmal season.
Standing in their way in the round of 16 is Danish champions FC Copenhagen, who will be looking to exact further pain to the English champions when they play host to them in the first-leg.
But despite the huge pressure on his shoulders, Ancelotti revealed such a make-or-break scenario was nothing new for him, with the Italian having won the Champions League with AC Milan in 2007 in similar circumstances.
"The season is not finished," said Ancelotti, who also led Milan to fourth place in Serie A that year despite the club being docked eight points in the Italian match-fixing scandal.