The 20-year-old midfielder has scored eight goals for the reigning Italian champions so far this season, playing a key role alongside Arturo Vidal as Juve march towards claiming their third consecutive Serie A title.
Ancelotti, who also revealed his admiration for Paris St Germain playmaker Marco Verratti, could imagine Pogba doing a good job for Real at the Santiago Bernabeu, where his Spanish counterpart Isco has impressed this term.
Referring to Pogba, Ancelotti told RMC Sport: "He's a great player. He's doing a very good job at a great club. He's a very complete midfielder.
"Sign him? Why not. He's one of the best young midfielders alongside (Marco) Verratti and Isco."
Pogba's impressive performances as a France youth international earned him a move to Manchester United when he was only 16 but he joined Juventus after declining to sign a new contract with the Premier League club in 2012.
He has since made eight appearances for the France national team, scoring one goal.