Carlo Ancelotti is realistic that a trophy-less season at Stamford Bridge could result in the sack.
The 51-year-old has seen his side drop out of the Champions League and the FA Cup.
Chelsea are second in the Premier League but currently lie six points adrift of Manchester United.
"I still have a year left on my contract with Chelsea," Ancelotti said.
"It's obvious that in a club like this the objective is to win and if we don't then the club decides to make a change.
"We have made an appointment for the end of the season and then we'll see. My desire is to stay. If not, we can find other solutions."
Ancelotti has been strongly linked with former club Roma, who were taken over by an American consortium earlier this month.