This season, Chelsea finished in second place in the Premier League table with 71 points, but were only ahead of Manchester City on goal differential.
Chelsea did not have great cup success at all, as they lost in the third round of the Carling Cup to Newcastle, in the fourth round of the FA Cup to Everton and the quarterfinals of the Champions League to Manchester United.
This is of course following last season where Chelsea were able to complete the double for the first time in their history.
Of course Chelsea did have one bad stretch that lasted from November until early January that hurt Chelsea's title chances. But at the end of the season, Chelsea nearly reclaimed their league title despite having underwhelming performances from many stars this season.
Besides the failure to win the league, the failure to win the Champions League and the inability of Fernando Torres to perform for the Blues will certainly go down as two of the biggest reasons for the dismissal of the Italian.
However, Ancelotti should not get complete blame for these failures. The blame should ultimately should fall on owner Roman Abramovich.
It was Abramovich who assembled this squad that has failed to win the Champions League under any manager. It was also Abramovich that did not get young players that can could be developed by now to fill in for their aged players.
In Torres' case, we can be looking at the worst signing in the history of the Premier League for Chelsea. Ever since he suffered a knee injury for Liverpool at the end of last season, Torres was clearly not the same player.
In the World Cup, Torres was a massive liability for Spain and was no longer starting for them once the semifinal and final came along for La Roja.
He did score nine goals for Liverpool, but it was obvious that he was not the same player as he was before.
With the transfer window about to close, Abramovich went after and got Torres assuming that he would be the player that could help Chelsea keep their league title.
Instead, Torres further proved that he was a shell of his former self by getting unwarranted starts for Chelsea.
Ancelotti was pressured to start Torres due to the massive amount of cash that was used to acquire him, which in turn was a shot in the foot for Chelsea.
Torres was now taking a spot on top that would normally be used by either Nicolas Anelka or Didier Drogba, both of whom were capable players going into this year but both had stretches during this season where they were unable to score goals.
Probably the biggest surprise of the entire Torres ordeal was the fact that he started the second leg of the Champions League quarterfinal at Old Trafford over Drogba.
Drogba of course has had success against United (including scoring the winning goal at Old Trafford the year before to effectively give Chelsea the Premier League title) but only came into the match in the second half after Torres put together a terrible first half performance.
It didn't help to see that Drogba scored a goal against United to give Chelsea what appeared to be a fighting chance to advance, but nothing materialized and Chelsea once again fell out of the Champions League.
After his failure at Old Trafford, Torres was finally able to score his first goal, at home against last-place West Ham and finally got a start again last weekend against Newcastle after Man United reclaimed the Premier League title.
Going forward, there obviously is a lot of speculation over who will take over as Chelsea's manager. Currently, Porto's manager Andres Villas-Boas is the 2-to-1 favorite to take over the position, but other managers such as Jose Mourinho, Guus Hiddink, Harry Redknapp and Pep Guardiola have already been tipped to take the position.
Whoever is the next manager of Chelsea will need to have a lot of energy but, more importantly, will also need to be given a longer leash than Ancelotti had.
Part of the reason Chelsea have been unable to achieve the success that Roman Abramovich has dreamt for his club has been that there has been a revolving door of managers.
It hasn't been that these managers that have left are terrible managers, it just comes down to stability, something that has not been present at Stamford Bridge.
Once there is a lever of stability at Chelsea, they will win the Champions League and do whatever Abramovich wishes for them to do.
Until then, Chelsea will continue to get close to the prize, but will unlikely get it.