"I can make it clear, the truth is that I am very fond of my club, my players and my fans. I'll talk about my future on the 25th (of May)," Ancelotti told reporters on Saturday ahead of a home game against Celta Vigo.
Brazil are now expected to pursue Al Hilal boss Jorge Jesus.
The veteran Italian has one more year on his contract with the Spanish giants but after quarter-final Champions League elimination by Arsenal and Copa del Rey defeat by rivals Barcelona, is poised to depart the Santiago Bernabeu.
Real Madrid refused to partake in planned Copa del Rey final related activities on Friday because they were angry at complaints made by the match officials earlier in the day, the club told media in Seville.
Ancelotti's future has been questioned following their Champions League quarter-final loss to Arsenal, with multiple reports suggesting he could leave Real at the end of the season to take over the Brazil national team.
Real Madrid coach Carlo Ancelotti said striker Kylian Mbappe is poised to return from injury to face rivals Barcelona in the Copa del Rey final on Saturday.
Real Madrid coach Carlo Ancelotti praised his team's character after their hard-fought 1-0 win over Athletic Bilbao on Sunday, keeping their LaLiga title hopes alive while responding in the best possible way to their Champions League exit.
Barcelona will be aiming to open up a seven-point lead at the top of LaLiga table when they welcome Europe-chasing Celta Vigo on Saturday.
Jurgen Klopp is "very happy" in his current post at Red Bull despite rumours linking him to a return to management with Real Madrid, his agent said Friday.
If Madrid progress as far as possible in the Champions League and Copa del Rey, as well as the Club World Cup in the summer, they could play 72 games this season.
Modric, Ballon d'Or winner in 2018, scored Real's opener in the victory, controlling a looping clearance from a corner with his chest before unleashing a sublime long-range volley which arrowed into the top corner in the 41st minute.
Ancelotti said Mbappe had the potential to reach the same level as club great Cristiano Ronaldo, who is Real's all-time leading scorer with 451 goals in 438 games for the 15-times Champions League winners.
When the topic of miracles in the Champions League comes to the fore, the first team that would pop up in any fan’s mind would be Real Madrid.
Ancelotti was delighted to finally lead Real to their first success at the Etihad Stadium, a victory he thought was deserved due to the chances created, with Real having 20 shots compared to 11 from City, despite falling behind twice.
Manchester City boss Pep Guardiola said his side lacks composure to defend a lead after Real Madrid struck twice late on to snatch a 3-2 win from the first leg of their Champions League play-off.
Real Madrid's Jude Bellingham struck a last-gasp goal to give the Champions League holders a 3-2 victory over Manchester City in an edge-of-your-seat first leg of their knockout phase playoff on Tuesday at the Etihad Stadium.
Ancelotti rested several key starters ahead of Saturday's LaLiga derby against Atletico Madrid and next-week's Champions League playoff clash at Manchester City.
The holders will face either Celtic or Manchester City in the two-legged playoff on February, with the second leg at home.
The reigning champions of Europe are ensured of their place in at least the knockout play-off round as the league phase of the revamped Champions League wraps up with its final matchday this week.
