The Italian coach claims he is happy with the Portuguese defender and says the £25 million man will not be moving on before the transfer window closes on Monday
With the transfer window set to close on Monday, the Portugal defender had been linked with a last-minute move to Spurs, as Gareth Bale prepares to travel in the other direction in a £86 million deal.
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"Coentrao is staying with us and everyone is happy," Ancelotti told the media after Madrid beat Athletic Bilbao 3-1 in La Liga on Sunday. "I never wanted him to leave."
However, the Italian coach did not call up the Portugal defender for Sunday's game and refused to rule out player exits on what is likely to be a busy transfer deadline day for Madrid, with Bale set to be presented on Monday afternoon.
"I really don't know what will happen tomorrow - I can't say at the moment," Ancelotti added. "Anything can change, in incomings and outgoings..."
And Madrid's director of international relations, Emilio Butragueno, also hinted at a busy Monday for Real.
"There are 36 hours left in the transfer market," he told Canal Plus. "Not just for Real Madrid but for all the clubs. It will be hectic. Tomorrow night everything will be revealed."