Real have been in pursuit of the Tottenham Hotspur star all summer and a record-breaking deal is reportedly close to being finalised.
However, Ancelotti declined to shed any light on whether there had been further developments as he addressed the media ahead of Real's Primera Liga game at Granada on Monday.
"I don't like to speak for two reasons, first of all because Gareth Bale is not a player of Real Madrid at this moment, and also because I need to have respect for my players," said Ancelotti.
"They are here and we are focusing on our game tomorrow.
"I know that at this moment it is easy to talk about the market because it is very close to the end.
"I do hope the Monday deadline will arrive very soon."
Real have also been linked with a late move for Liverpool's Luis Suarez but Ancelotti refused to answer when asked whether Bale would be the final player to arrive at the Santiago Bernabeu before the deadline.
Bale is understood to be in Spain ahead of a €100million (£86m) switch to Real, which would beat the €94m they paid Manchester United for Cristiano Ronaldo in 2009.
And Barcelona coach Gerardo Martino has accused Real of sending out a bad signal with such a fee at a time of economic crisis.
"How I feel about Madrid signing Bale for about €100m? He is an excellent player, but the fee that's being mentioned shows a lack of respect for the world we live in," Martino said.