However, the Italian chief is not allowing himself to give anything away about the club's potential transfer targets.
Asked about Bale, Ancelotti told reporters: "We've not spoken of signings because today is the first day I am here.
"I cannot give any information on the players who might come in or those who will leave.
"The squad is very good. In the next few days we will talk with the club about what we need."
Madrid appointed Ancelotti as their new coach on Tuesday.