The most important thing is not whether he goes at the end of October or November, but who we replace him with.
I think I read somewhere that Ancelotti said that he could work anywhere, and that the most important thing was to work, not to be at a big club. He would be my first choice. Obvious pedigree and PL experience. I know it is unlikely that he would come, but perhaps not completely unthinkable. Is there many bigger clubs that will be searching for a new manager anytime soon? Anyway, I don't see the harm in giving him a call.