Despite Chelsea chief executive Peter Kenyon hinting on Thursday that the club's transfer dealings had, in all likelihood, come to an end, France Football reported on Friday morning that the Blues were tabling a huge offer for Bayern Munich star Ribery.
The France international has also attracted interest from Real Madrid this summer and it was suggested that the arrival of former Chelsea winger Arjen Robben at the Allianz Arena could result in Ribery's departure from the club.
However, Ancelotti has made clear that the club are not pursuing the former Marseille midfielder by stating, in response to Friday's reports: "No that is not true."
Regarding the future of Shevchenko, who won the 2003 Champions League under Ancelotti and spent a spell on loan with the Italian at Milan last season, the Chelsea manager conceded he is open to offers for the former Ballon d'Or winner.
Shevchenko, 33, is reported to be keen on a return to his former club Dynamo Kiev who he served with distinction between 1994 and 1999, and has asked to leave Stamford Bridge.
"I spoke with Shevchenko,'' Ancelotti said. "He would like to play with continuity here for me but it is difficult for me to give him the possibility to play a lot of matches and he will take the right decision for him.
"He will take the decision. We have told him he can go. Sheva didn't have the possibility to play consistently, so he has taken the decision to go.''
Ancelotti further denied that Shevchenko had chosen to quit after being omitted from Chelsea's Champions League squad.
"No, he did not, because I have the time to choose the squad for the Champions League,'' Ancelotti said. "Here, Shevchenko did not have the opportunity to play with continuity. He made the decision because of this only.''