Arsenal at the end of the season today, bringing an end to a 22 year tenure.
Attention has already switched to who could replace Wenger at the Emirates and Ancelotti is understood to be among the front-runners.
Ancelotti has been out of work since leaving Bayern Munich in September.
The Italian has already managed in the Premier League, leading Chelsea to a league and cup double in 2010.
And speaking at a press conference for the upcoming UEFA Match for Solidarity, Ancelotti did not play down his interest in the Arsenal job.
“He [Wenger] decided to leave and it was a great gesture of solidity,” Ancelotti said.
“He made history, and he has to be recognised for that.
“The Gunners know their own future, if their plans involve me then I’m pleased from a professional point of view, but at the moment there’s nothing else.
“My future depends on the chances and projects presented to me, it’s not only up to me. Right now though I’m focused on helping UEFA with this wonderful event for those in need.”
WENGER’S ANNOUNCEMENT IN WORDS
“After careful consideration and following discussions with the club, I feel it is the right time for me to step down at the end of the season,” he said.
“I am grateful for having had the privilege to serve the club for so many memorable years.
“I managed the club with full commitment and integrity. I want to thank the staff, the players, the Directors and the fans who make this club so special. I urge our fans to stand behind the team to finish on a high.
“To all the Arsenal lovers take care of the values of the club. My love and support for ever.”