Real Valladolid owner and former Real star Ronaldo declared this week that Ancelotti was ready to take charge of Brazil last year before they won the Champions League.
But today, Ancelotti insisted: "I don't remember talking to Ronaldo about this.
"The contract speaks volumes. I have nothing to add to this. I love Brazil, its players, and its fans, but I have a contract here with Real Madrid."
Asked if he feels he is being questioned inside the club, the Italian also said: "No, I have a lot of things to think about. What happens around the transfer market doesn't matter to me.
"I'm focused on this stretch of the season, which is vital for us. My job is to focus the players on getting the best performance possible. We have something very close and we don't want to lose it."