Press Association Sport understands concern has increased over the Blues' worst run of Barclays Premier League results for 15 years, which culminated in last night's shock defeat at Wolves.

But billionaire owner Roman Abramovich is currently resisting any urge he might have to axe Ancelotti, with the club confident the former AC Milan boss is still the right man to turn things around.

The Italian's cause has been aided by the fact that despite the champions' dramatic slump from top spot to fifth place following one win in nine, most of their rivals have been unable to pull clear.

The feeling at Stamford Bridge is that a top-four finish is very much within reach, with Tottenham still just a point clear of Ancelotti's men.

The big test of Abramovich's confidence will therefore come should that gap to widen significantly, with the Russian having sacked Luiz Felipe Scolari two years ago when he began to fear Chelsea would not qualify for the Champions League.

Kicking off their defence of the FA Cup with a victory over Ipswich on Sunday would go some way towards easing the pressure, though a defeat would crank it up exponentially.

The Blues are refusing to completely concede their Premier League title, despite slipping nine points behind unbeaten leaders Manchester United having played a game more.

That echoes what Ancelotti said himself last night when he insisted "nothing is lost".

That differs wildly from his admission a week earlier that had Chelsea not beaten Bolton, they would have surrendered their crown.

Ancelotti admitted before the Wolves defeat that he was "lucky" to still be in his job and continued to insist afterwards he did not "fear" for his position.

He also had no intention of throwing in the towel himself, saying: "I would like to stay here and I have a good relationship with the players and with the club."

The strong bond Ancelotti enjoys with his squad is thought to be one reason why the Italian remains in charge.

He was mobbed by his players after John Terry scored what he thought was a winner in Sunday's 3-3 draw with Aston Villa.

However, there was a similar public display of affection towards Scolari before he was sacked - and it subsequently became apparent that he was not as popular as advertised.

Ancelotti has also built up plenty of goodwill, having led the club to their maiden double in his first season in charge and five points clear at the top of the league at the start of this term.

He will be given money to strengthen during the current transfer window - with the signing of a defender the priority - but the club have already demonstrated they will not be held to ransom.