Ronaldo has been linked with a Madrid exit, with Manchester United and PSG among the clubs believed to be chasing the Portuguese superstar.
But Ancelotti has downplayed the possibility.
"Any chance of [Ronaldo] coming here does not exist," Ancelotti told La Stampa. "Money is not sufficient. The deciding factor is the will of the club that he plays for.
"He is a great talent who needs to play regularly. I like players with great quality and I have that.
"What I have read in the newspapers makes no sense. With Lucas Moura we will have 30 players and I do not need any more."
Stories in the international media suggesting that Real boss Jose Mourinho could be lined up to take over at PSG in the summer also failed to impress Ancelotti.
"I am very calm," he added. "The person that said that about him and Cristiano Ronaldo is a member of the Al Thani family, not the owner.
"The owner is not thinking like that."