Reports claiming that the Wales international could soon be heading to Spain refuse to go away, with transfer rumours sparked at the start of the summer.
Real have not shied away from the fact that they are always interested in bringing the very best players to Santiago Bernabeu, but they have made no official approach to Spurs.
Ancelotti has now suggested that no big-money bid will be tabled, with the Italian 'happy' with the squad he has inherited from Jose Mourinho.
He told a press conference on Saturday: "I am happy with the squad and I don't want to talk about other players out of respect for those who are here."
With Real keeping their cards close to their chest when it comes to possible targets, Ancelotti has also been quick to play down any suggestion that Paris St Germain striker Zlatan Ibrahimovic - a man he worked with last season in France - is another player he would like to add to his ranks.
On the enigmatic Sweden international, he said: "He is an amazing player and can play in any team in the world.
"He doesn't play for Real Madrid and I can't talk about that out of respect for those who are here, who are performing well."