Ancelotti has recently moved to Stamford Bridge from Milan, and Pirlo is believed to be at the top of his wish list.

But according to Spanish newspapers, the Italian international would rather join Atletico.

Marca suggests that Pirlo prefers the Primera Liga to the Premiership, and his family are eager to settle down in Madrid either.

Previously, the 30-year-old implied that he wanted to seal a move to Chelsea in order to work with Ancelotti again.

"It is possible that I will go to work with Carlo Ancelotti in London. He is a great manager and I'd love to play for him again," he said.

The Rossoneri put a £15 million price tag on Pirlo's head.