Ancelotti had been linked with Aston Villa, QPR and Roma.
"I am in no hurry to coach and I don't need to," Ancelotti told the Italian newspaper La Stampa. "I have not been contacted by any club in England and I have not spoken to Roma. It is all fantasy.
"I have enjoyed this experience [of coaching in England]. I will return to London to organise my life. Besides a six-month break, I have been coaching nonstop since 1995. I will take a year off and look around, study how my colleagues work."
Ancelotti enjoyed a successful playing career at Roma between 1979 and 1987 and has never hidden his wish to guide the club in the future.
"I have always said and I reiterate it that one day I will coach Roma, but it's still early," he said.
