The Italian is the CBF's No1 target to replace former Brazil coach Dorival, who was sacked last week.
And they have demanded an answer from Ancelotti before the end of the season.
That's according to Okdiario's chief pundit Eduardo Inda, who was speaking on El Chiringuito last night.
He said, "They tell me that the CBF has asked Ancelotti to rule on whether to join Brazil before the final of the Champions League.
"They have given him two months margin."
Inda also says Ancelotti has some inside the Real board room still questioning him.
He added, "In addition, in the board room they are angry with the coach because they say that he has lost control of the team and specifically allude to the case of Luka Modric. They consider that he plays more minutes than he should."