The 21-year-old scored nine times in 34 appearances for the European champions but frequently had to settle for a place on the bench, something Ancelotti admits was a source of frustration for the youngster.
Arsene Wenger has been constantly linked with a move for the Spaniard and Goal revealed in January that the north Londoners had turned their attention to Morata as a deal for Julian Draxler evaporated.
And speaking at a presentation at the Italian embassy in Madrid, Ancelotti said: "The player wants to play more minutes and the club agrees.
"If he could find the chance of playing it would be good that he had the chance for a year.
"If Morata goes then we'll have to think about signing a similar striker with the same characteristics, a youngster."
Morata has also been linked with Tottenham and Manchester United.