The Italian boss claims he is not bothered by the length of time the deal has dragged on for and is looking forward to the Welshman's contribution when he eventually seals a move
The Wales international is edging closer to a move to the Spanish giants, with his lawyers having arrived in Madrid to thrash out the remaining details of the 24-year-old's hefty contract.
And former Milan, Chelsea and PSG boss Ancelotti says the club has not been distracted by the protracted transfer saga, adding that he is looking forward to working with the Welshman if and when he does arrive.
"Everybody knows Bal, is a fantastic player," he told reporters.
"I do not know how much more time he will play for Tottenham but he still is a Tottenham player.
"I am working with my players and my head is not with the players who are not here.
"It doesn't frustrate me that Bale has not arrived yet. If he comes, whenever that would be, I'd be happy for coming and contributing."
Despite Bale's big-money transfer, Ancelotti says he does not expect any of his current squad to leave Madrid before the window slams shut.
"The players are all here, concentrating on the game," he continued. "I do not think that will change much in the next two days"
"I do not think of Ozil going out of Real Madrid. It is normal that a player is not happy when he is replaced, it is not the first time that Ozil is replaced and I do not think it's the last. It can happen."