The Italian stated that he would be tempted to join the Liga giant if the club was to make a move for him in the future.
Madrid has been linked with a number of coaches in recent weeks amid ongoing speculation that current trainer Jose Mourinho could leave the club at the end of the season, and Ancelotti says the chance to take the Portuguese coach's place come June would be hard to turn away from.
"I don't think there is a single coach in the world who could say no to a club like Real Madrid," the former AC Milan coach told TVE. "It would be very difficult to turn something like that down. All I can say for now, though, is that I am happy at PSG at the moment."
Ancelotti took charge of Paris Saint-Germain in Dec. 2011, and has guided the club to the knockout stages of the Champions League this season.