Ancelotti was in charge of Chelsea when Torres was signed for £50 million from Liverpool in January 2011, but the coach parted company with the club the following summer after finishing the season trophyless.
Torres has struggled to shine since the switch, scoring just three goals in 30 Premier League appearances, and has subsequently been linked with a move away from Stamford Bridge, with rumours this month suggesting he could leave in a cut-price deal.
Ancelotti has added fuel to reports Torres is open to leaving Chelsea, while the Italian coach, who only recently took over at PSG, has listed several players he claims are being courted for sales.
He said in the Daily Mail: "There is a lot of choice for this January market. Do you want the names?