Chelsea have signed Ross Turnbull, Daniel Sturridge and Yuri Zhirkov so far this summer, but Ancelotti has hinted that he would be keen on signing Ribery.
“Chelsea are a strong team, a physical team doing very well,” said the Italian, who was unveiled to the media on Monday.
“They can be improved with some creative players. We are looking for these creative players.
“Ribery is, for sure, a great, great player. But Ribery, I think, he will stay in Bayern Munich.
“Madrid can buy Ribery, I know. Not only Ribery, but (Liverpool midfielder) Alonso as well. I know how many players Madrid can buy.”