Real chief Florentino Perez has made no secret of his desire to land Ancelotti as Jose Mourinho's replacement.
However, PSG president Nasser Al-Khelaifi is standing firm and is seemingly not willing to let him leave.
Hiddink is currently with big-spending Russian outfit Anzhi Makhachkala and PSG, despite their stance, are putting plans in place should Ancelotti depart.
According to reports in France, one of the names in the frame is Hiddink, whose deal with Anzhi expires at the end of their season.
"Renew with Anzhi? We'll see. I'll talk about my future in the coming days," the experienced Dutchman is quoted as saying by Sky Italia.
Another option for PSG is appointing sporting director Leonardo in the role until they find a boss they want, with Arsenal's Arsene Wenger linked with the job in 2014, when his current deal at the Emirates expires.
However, Leonardo has a nine-month touchline ban hanging over him after he barged into the referee during PSG's game with Valenciennes, although an appeal against the punishment is due to be heard later this month.
Brazilian ace Lucas Moura admitted he would be more than happy to see Leonardo get the job.
"It is only speculation. If it should become concrete, Leonardo would be welcome on the bench," he said.
"He is a big name, who has experience both as a player and a coach. He was already on the bench of big teams. He knows how the club works. He will get support from all players."
One man who has distanced himself from the role is Laurent Blanc, who looks to have lost out to Rudi Garcia for the Roma role.
"Again, it's fantasy," he said when asked about PSG.
But he admits he does want a job. "Yes I will [be looking for a new job], but at this moment, there is nothing," he revealed to La Provence.
"We can talk about many things, but the one thing I can say is it will not happen with Roma. They are the only club I have had real contact with, and it will not happen.
"Everything else is speculation. I also heard you sent me to Real Sociedad, but I never had any discussion with those people."