The former Paris Saint-Germain boss confirmed two days ago that the Spanish club have opened discussions with the Premier League outfit over a potential transfer.
The Welshman's proposed move to the Bernabeu appears to be edging closer following Madrid's initial £85m bid for the 24-year-old.
"We'll see what happens, that's between the two clubs," Ancelotti said in a press conference. "Right now the team is very strong and we'll just have to wait to see what happens in the future."
It has been claimed that Madrid and Spurs have agreed on a world record £105m fee, but the deal is said to include a player heading to White Hart Lane.