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Carlo Ancelotti has vowed to fulfil Chelsea owner Roman Abramovich's desire for Champions League success after the Italian was appointed as Blues manager on Monday. Less than 24 hours after stepping down as AC Milan coach, Ancelotti signed a three-year contract with the Premier League club, worth an estimated 6.5 million pounds a year (7.4 million euros). The Italian, who succeeds Guus Hiddink at Stamford Bridge, was targeted by Chelsea owner Abramovich because of his impressive track record in Europe's elite club competition. Ancelotti led Milan to Champions League victory in 2003 against Juventus and 2007 against Liverpool, as well as reaching the 2005 final, where his team were beaten by Liverpool. As if that wasn't enough to get Abramovich's attention, Ancelotti also won the European Cup twice with Milan during his playing days. Since Abramovich purchased Chelsea in 2003, he has seen his team come agonisingly close to European glory. In the 2008 final, when penalty shoot-out misses from John Terry and Nicolas Anelka gifted Manchester United the trophy, while the Blues have also lost four semi-finals against Monaco, Liverpool twice and, most painfully, Barcelona this season. Ancelotti, who will start work on July 1, knows the pressure will be on him to reproduce his European success at the Bridge. "There will be the same pressure at Chelsea because Chelsea and Milan are great teams in Europe and they want to win all the competitions so I think there will be the same pressure," he told Chelsea TV. "For me the Champions League is a beautiful sensation. When I was a player I won the tournament two times, in 1989 and 1990. "It was a fantastic moment and the same when I was a coach with Milan in 2003 and 2007. The Champions League for me is the best competition in the world and everyone wants to win it. "Chelsea have a great record, five semi-finals in six years is a beautiful score but now we have to win it. "There will be the same pressure at Chelsea because Chelsea and Milan are great teams in Europe and they want to win all the competitions so I think there will be the same pressure." Ancelotti, who has also coached Juventus and Parma, will be managing outside Italy for the first time. But the former Italy midfielder insists he will have no problem adapting to life in the Premier League because he is already a big fan of the English game. The 49-year-old also spoke to Andriy Shevchenko, the Chelsea striker who has been on loan at Milan this season, to find out more about the club. "I see the matches always on television. I like the Premier League because there are great teams who play good football. It is very speedy. I like English football," he said. "In Italy, now and before, the matches are more tactical, the team thinks to defend well and only after to attack. "I watch Chelsea, Liverpool and Manchester United and I know English football very well. Chelsea have a great team, great players and a strong team. I'd like to stay here." After spluttering under Luiz Felipe Scolari earlier this season, Chelsea were revitalised by Hiddink, losing just one of 22 matches under the Dutchman and winning the FA Cup. It was Hiddink's astute man-management style that most impressed Chelsea's star-filled dressing room. Players like club captain John Terry and Ivory Coast striker Didier Drogba bought into Hiddink's philosophy and Ancelotti is determined to create a similiar atmosphere.