However, Ancelotti has dismissed any talk of a move and has insisted that the ex-Tottenham Hotspur star remains a key figure for Los Blancos, despite suggestions that Isco will feature more for the Spanish giants instead.
The former Chelsea boss is quoted by the Daily Star as saying: "Bale deserves to play. He is one of the best players in the world and a very important player for this team.
"Isco is playing well and we hope he can prolong the good moment he's in until the end of the season. But he is also compatible with Bale. He's proved that already: they've played together and played well."
Bale could figure in Real's Champions League clash with Liverpool on Tuesday as the defending champions look to seal qualification for the second phase.