"It is difficult to talk about Bale because at the moment he is not a Real Madrid player," Ancelotti said at Real's training camp in Los Angeles.
"I believe the club is in talks to find a solution and we will see what happens," said the Italian, adding that he had not spoken to Bale.
"I am not used to talking about players who are not in my team and it would not be right to do so."
According to media reports in Spain and England, Real are leading the chase for Bale and are prepared to offer Spurs what would be a world-record fee of £85 million for the 24-year-old.
Tottenham manager Andre Villas-Boas said on Friday the club had opened new contract talks with Bale and were confident of keeping him.
He signed a four-year deal last year and had an outstanding season although Spurs missed out on a Champions League place by one point.
Real, who qualified for Europe's elite club competition by finishing second behind Barcelona in La Liga, are rebuilding under Ancelotti after a trophyless season with Jose Mourinho, who left to rejoin Tottenham's Premier League rivals Chelsea.
Ancelotti also insisted there is no truth to rumours that Luka Modric - linked heavily with Manchester United - could leave the club this summer.
"All of the players are happy to be here with us. We have not spoken about any player leaving. It's completely false that Modric could leave. He is a very important player for us. Modric will play for Madrid this season," he said.
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