The PSG coach was disappointed not to sign the Brazilian in January but stated that it does not mean he will try once again at the end of the season
The future of the AC Milan striker remains uncertain and the former Chelsea manager was coy on the subject of signing the 22-year-old.
"We had a perfect opportunity to sign Pato in January, but that doesn't mean that we'll try to sign him again in the summer," Ancelotti told Corriere della Sera.
"Pato's price will surely not decrease, despite his continuous injuries. [Milan CEO Adriano] Galliani is a genius when it comes to negotiating, so he might even ask for more money if we try to sign Pato again."
The former Internacional player has seen his role at San Siro reduced this season and has only scored one Serie A goal.
This record has not put Ancelotti off capturing the Brazilian's signature and he went on to praise the work and transfer dealings of Galliani, who he previously worked with at the Rossoneri.
"Milan won the Scudetto last season, and this year they're fighting to win it again with almost the same players as last term. Galliani's strategy is a winning one. He did well to sign [Antonio] Nocerino for almost nothing and he has had an excellent season."