By SABC Sport
2nd August 2024
The Italian has a contract at the Bernabeu for another two years but last season was linked with the then vacant Brazil job.
However, the 65-year-old is not enamoured with the thought of swapping club for country.
"My idea is that Real Madrid will be my last club," he told former Chelsea midfielder Jon Obi Mikel's Obi One podcast.
"If there is an opportunity for a national team, I don't know.
"I'm not so excited at coaching a national team because I would lose what I like most, the day-to-day. I really enjoy what I'm doing.
"This is my season number 29 as a coach. It's true that I have won a lot but imagine the number of titles I lost."
Ancelotti is one of the game's most experienced coaches but he does not believe that is the only key to success and he backed new Chelsea head coach Enzo Maresca to impress at Stamford Bridge in his first top-flight job.
Maresca left Leicester after just one season after securing their immediate return to the Premier League.
"Experience is not the most important part of our job. It's part of our job, but of course, the most important part is the knowledge," added the Italian, who won the Premier League during his time at Chelsea.
"And the fact that he has experience with Pep Guardiola and with Leicester City, I think he has the knowledge to manage and to do well at Chelsea."