The Italian was appointed as successor to interim boss Guus Hiddink in 2009, and became the club’s fifth manager in less than two years – after Jose Mourinho, Avram Grant, Luiz Felipe Scolari and Hiddink.
Former Milan coach Ancelotti led the Blues to a Premier League and FA Cup double in his first season in charge, and his team began this season strongly as well.
But they experienced a slump in form that started after assistant manager Ray Wilkins was sacked, and are currently fighting for a top four position with only a slim chance of challenging for the title.
Ancelotti has just a little over a year remaining on his contract, and the club’s chief executive has now revealed that the 51-year-old’s performance as manager will be evaluated at the end of the season.
“Carlo has a contract until the end of 2012,” Gourlay told the BBC.
“Let’s see where we are at the end of May then we’ll judge the coach and other people at the football club.”
He added: “We understand it’s difficult to win trophies every year. However, we also know it’s very important for the club to be competing in the latter stages.
“We’ve invested a lot of money in the academy and in the playing side. This is a pressure you have to live with day-to-day if you want to be at Chelsea.”
There have been some reports that owner Roman Abramovich is ready to spend even more than he did during the January transfer window, which saw the arrivals of Fernando Torres and David Luiz for an outlay of £70 million.
“Roman is ambitious as he has ever been,” said Gourlay.
“Money is available for strengthening and with one eye on the future. We’re driven if there are the correct players available at the right time. Fernando and David became available at the right time and therefore the process kicked in.”
The signing of Torres from Liverpool has seen fellow striker Didier Drogba being benched on occasion, prompting speculation concerning whether he will remain at Stamford Bridge during the summer.
He added: “I don’t see Drogba leaving at all. We’re talking of strengthening team not weakening it. It’s absolutely not the case.”