The 60-year-old parted company with Napoli on Tuesday despite registering a 4-0 win over Genk that guided them to the last 16 of the Champions League.
And it is understood that the Gunners are keen to speak to the Italian as they step up their efforts to find a permanent replacement for Unai Emery, with the process of whittling down their shortlist of candidates well under way.
Is Ancelotti the man for Arsenal?
The Gunners could definitely do a whole lot worse than Ancelotti.
The Italian is one of the most experienced and highly respected managers in the game at the moment, and even though he has parted company with Napoli, it will do little to tarnish a reputation that has been shaped by many years of success.
Beyond that, Ancelotti has done the lot.
His resume speaks for itself, and if the Gunners could land him it would be a massive coup.