Premier League - Chelsea coy on Ancelotti future
Gourlay reiterated that Ancelotti's contract runs for a further season, and said the club understood the league title could not be won every year.
However, when asked directly if Ancelotti would stay on, Gourlay did not give a straight answer.
"All you can say is that Carlo has a contract with the club until 2012," he said on Radio Five Live's Sportsweek.
"We're delighted with Carlo and what he's achieved so far. These things can be pretty fickle. Carlo has come in and won the double last season. Yes, the expectations are high, but they are high at many clubs around Europe and we've got to be realistic.
"Let's see where we are at the end of May."