AC Milan admit their coach Carlo Ancelotti may be persuaded to take over at Chelsea in the summer.
Although Guus Hiddink is in talks about taking over at Stamford Bridge until the end of the season, Ancelotti is believed to be owner Roman Abramovich's top target to succeed Luiz Felipe Scolari in the long term.
Ancelotti, 49, the longest-serving manager in Serie A, turned down a move last season but AC Milan's organising director Umberto Gandini admitted he may now re-consider - but not until the end of the current campaign.
Speaking in Geneva at the European Clubs' Association general assembly, Gandini said: "I cannot talk on behalf of Carlo but I don't think he would be interested in doing anything now.
"But if the position will be open in July then I think he might consider it.
"He did already have a chance to consider it when he was approached last summer."
Gandini said there had been no approach to Milan so far by Chelsea but that there was a good relationship between the two clubs.
He added: "I'm totally unaware of any approach or any desire by Chelsea and Mr Abramovich. If that is the case I am pretty sure it will be a very straight and open discussion between the two clubs.
"But it's absolutely impossible that AC Milan would make any adjustment to the squad or technical staff now."
Ancelotti is understood to have an agreement with AC Milan whereby he can move on from the club when he wants regardless of his contract.
Gandini added: "In the summer, at the end of the season I think all teams have to evaluate the situation, players and coaches as well. It is a brand new system and a brand new world so I cannot speculate on anything."
Ancelotti has won two Champions League trophies as AC Milan's coach - and won the European Cup twice as a player with the club.