BBCChelsea will judge the performance of manager Carlo Ancelotti at the end of the season, chief executive Ron Gourlay has told BBC's Sportsweek programme.
Ancelotti won the Double in his first season but Chelsea were knocked out of two cups and have failed to keep pace with Manchester United this campaign.
"Carlo has a contract until 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."
However, the Blues chief executive, who has been at the club for six years, did pay a glowing tribute to Ancelotti.
"Carlo is a world class coach," he said.
"You look at his record and it speaks for itself. His record at Chelsea in a short time, winning the double in the first season in a new league, coming out of Italy, is a great feat.
"This is a strong, competitive league, but his knowledge of the game is second to none and he holds a dressing room well.
"He's won the Champions League twice as a coach and twice as a player so he's been there and done it."
Following assistant manager Ray Wilkins's dismissal in November, Chelsea took only six points from seven league games and fell behind in the title race.
However, since the turn of the year the club have picked up five wins from nine and are in the quarter-finals of the Champions League.
Gourlay 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 latter stages.
"We've invested 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."
Gourlay also revealed owner Roman Abramovich remained committed to providing funds to purchase new players as he demonstrated with the signings of Fernando Torres and David Luiz in January for a combined spend of about £70m.
"Roman is ambitious as he has ever been," he said.
"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."
Meanwhile, Gourlay reiterated the club's stance on forward Didier Drogba, stressing that he would remain with the club next season.
The Ivory Coast international has been recently starting from the bench, with Ancelotti electing to begin with the striker pairing of Nicolas Anelka and Torres.
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."
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