Talk linking the Blues defender with a summer move to France has been ruled out by the Parisian outfit's coach, who also praised his side's efforts against Barcelona
The Italian coach was believed to have been weighing up a move for the England international, who he coached to English Premier League success during their time together at Stamford Bridge.
However, Ancelotti revealed after PSG's penalty defeat to Barcelona in a pre-season friendly on Saturday that they are no longer looking for reinforcements.
"Our transfer window is over, and Ashley Cole will not come," Ancelotti stated to BeIn Sport.
The 53-year-old then praised his charges for their mentality against Tito Vilanova's outfit, who were held to a 2-2 draw in regular time before claiming victory on spot-kicks.
"It was a difficult game, but a great experience for us. We put in a great performance. We tried to play and did well there. Our confidence can only increase from this point onwards."
Les Parisiens have already added Zlatan Ibrahimovic and Thiago Silva from AC Milan, as well as Ezequiel Lavezzi from Napoli.