Soccer: Carlo Ancelotti tonight insisted Chelsea's season could still be the best in living memory, despite it being on the brink of unravelling completely.

Having all but surrendered their Barclays Premier League title as well as crashing out of the FA Cup, the Blues seemingly have only the Champions League left to play for in terms of silverware.

Just as crucially, they are struggling to qualify for next season’s competition, and should they fail to do so, manager Ancelotti admits it would be the worst campaign since Roman Abramovich bought the club.

But despite the huge pressure on his shoulders, Ancelotti revealed such a make-or-break scenario was nothing new for him, with the Italian having won the Champions League with AC Milan in 2007 in similar circumstances.

“The season is not finished,” said Ancelotti, who also led Milan to fourth place in Serie A that year despite the club being docked eight points in the Italian match-fixing scandal. A lot of times, I’ve been able to manage this moment.

“I want to remind you in 2007 it was the same situation and the Italian journalists know this. Maybe it could be the best season that we can ever have a memory of. Maybe it could be the worst. I don’t know. But wait, wait. Chelsea has not died. It’s still alive.”

Champions League glory would not only rescue Chelsea’s season, it would also end all speculation about Ancelotti’s position at Stamford Bridge.

The European Cup has eluded and frustrated Abramovich since he bought the club in 2003 and Ancelotti said: “The Champions League is the most important competition.

“We’re involved this season more compared with the other competitions. To be under pressure, this means to be focused and try to do our best in this competition, to try to win.

“We have to think game by game and move on from this stage. It will not be easy because Copenhagen are a very good team with great organisation. We have to pay attention and play 180 minutes, not just 90. We have to prepare well for both games.”