Ancelotti confirmed on Thursday that they had begun transfer discussions with Spurs for the Welsh star, who has reportedly told manager Andre Villas-Boas he wants to leave the club.
Real are rumoured to be willing to pay up to £100m to secure Bale's signature, which would eclipse the world-record fee of £80m they paid Manchester United for Cristiano Ronaldo in 2009.
"We will see what happens; it is between the two clubs," said Ancelotti. "Right now our team is very strong and we will have to see what happens in the future."
Bale arrived at Tottenham's training ground on Friday morning, where is he is expected to have further talks with Villas-Boas over his future.
Former Spurs boss Harry Redknapp believes Bale will join the Spanish heavyweights.
'I think it'll be difficult for him not to go now," said Redknapp. "I think he wants to go if we're truthful. He doesn't want to say it, but I hear from different sources that he really wants to go now.
"When you're a kid and you start playing football you dream about playing for Real Madrid. When I was a kid I saw that great team of Ferenc Puskas, Francisco Gento, Alfredo Di Stefano.
"Real Madrid is a special club. The chance to run out at the Bernabeu only comes once in a lifetime, as Zinedine Zidane said the other day, you can't not take it.
"He is behind Messi and Ronaldo in terms of being the best player in the world.
"If he goes there, he will be a great success there. I am sure of that."