Suarez scored 31 Premier League goals in a stunning 2013-14 season - despite agitating for a transfer in the summer - and has been linked with a big-money move to Real Madrid, with the Champions League winners reportedly earmarking the star to be their next 'Galactico' signing.
Having spent €106 million [£86m] on Gareth Bale last summer, Real are believed to be keen to land another marquee signing and, while Ancelotti says it would be “disrespectful” to talk up a move, he has hinted that Real will be active in the summer transfer window.
“It is difficult to improve what we have,” he told reporters. “Luis Suarez is a fantastic player, but it is disrespectful to talk about a transfer now.
“We're in no rush and we don't need to bring in a lot of players. We have until August 31.”
Meanwhile, Alvaro Morata is set to leave Real on loan, thus opening up a berth in Real's squad for the 2014-15 season, though Iker Casillas is set to stay put, with Ancelotti claiming "Casillas is very happy" to stay in the Spanish capital.