The Blues looked as though they were the team to beat in the race for the Premier League title this season after they got off to a fantastic start but they have since slumped and are now third in the table.
Chelsea have picked up just two wins from their last eight games in all competitions and there have been suggestions that all is not well behind the scenes following the axing of Ray Wilkins.
There have been reports that Ancelotti could be next but the Italian says his relationship with the Blues owner has never been stronger.
"He understands very well the problems," said Ancelotti. "The injuries we have had and that we played good football but didn't win, which affected our confidence. He understood that.
"When I say I have total support, it means he's very close to me at this moment. For this reason, our relationship is very good.
"It's very important to have the support of the club and the players when moments are not good. You have to have trust with each other. He's been closer to us in this period compared to the other moments. I think I have trust in him and he has trust in me."
Chelsea now face a tough trip to White Hart Lane to take on Tottenham on Sunday afternoon and are in desperate need of a positive result.