The Sun claims Ancelotti has already made a £30million bid to his old club AC Milan for Pato.
The 19-year-old is regarded as one of the biggest talents in football.
Ancelotti said of Pato: “He has an incredible shot and great speed. He is twice as fast as a normal athlete.”
Ancelotti has also made a £12million move for former Chelsea defender Glen Johnson.
Johnson was the first signing Chelsea owner Roman Arbamovich made when he took over the club.