The Italian was quoted as saying in L'Equipe on Saturday that the Portuguese forward could play alongside striker Zlatan Ibrahimovic "without problem".
However, Ancelotti has now quickly moved to squash rumours that PSG will sign Ronaldo.
"I can't confirm what has been said in newspapers today," said Ancelotti referring to reports that sporting director Leonardo is working on bringing Ronaldo to France.
"Do I want him to come to Paris? No."
Ronaldo joined Madrid from Manchester United in the summer of 2009 for a record £80m (€94m).