Britain’s richest man appeared to laugh off suggestions he was interested in the Blues at the launch of Team Ineos, the rebranded Team Sky, following his takeover of the cycling giant in March.
“You never say no, but I don’t know where those conversations will finish,” Ratcliffe said.
Chelsea owner Roman Abramovich reportedly turned down Ratcliffe’s £2billion offer for the club last summer.
The Manchester United fan, 66, bought Swiss club Lausanne through his chemical company, Ineos, in 2017.
“I think we’ve dipped our toe in the water with football,” Ratcliffe told the BBC.
“It’s a complicated sport, it’s a complicated world.
“We’ve bought this club in Switzerland and it’s been really educational.
“We haven’t got to where we’ve got to in the chemical and business world by being impetuous or rash or stupid.
“We recognise it’s a very complicated world.
“We’re not in a desperate hurry to get to the end game in football.”