The Bale saga has dominated the summer headlines, and although the Spurs boss insists no move is imminent, he was again forced to answer questions about the Welshman's future after their 5-2 friendly defeat by Monaco.
Bale was not involved in that match because of injury but Real are keen to wrap up a possible world-record deal for the 24-year-old before the start of the season and Ancelotti revealed talks were underway earlier in the week.
"These rumours of an imminent transfer are not true. The only thing we have communicated with Real Madrid is that he is our player and he is not for sale.
"Gareth is a guy I really like. We are talking with Real Madrid because there is respect between the two clubs following the transfer last season of Luka Modric.
"We are building a great team for next season. We envisage the future with Gareth. But we know that in football anything is possible."
When asked if he felt Ancelotti was in the wrong, Villas-Boas said: "I think so, in my opinion.
"Carlo is a person I appreciate a lot and we have great respect for each other, but bearing in mind this situation they have decided to make it public.
"Normally in situations like this it is scrutinised by the Football Association with lots of care and attention. We have seen lots of people speak about a player that is not theirs and we are due some respect."