Italian sources claimed on Thursday that Ancelotti regarded the 27-year-old as a backup plan in case the club failed in their efforts to prize Alexandre Pato away from AC Milan in the summer.
"Pazzini? No, we do not need him," Ancelotti told a press conference. "We already have Guillaume Hoarau, who is very similar to Pazzini.
"I am very happy with Hoarau's work, I trust him."
The Italian coach, who arrived at PSG in December, then confirmed that the PSG board will back up his project with a €100 million transfer kitty.
"The club are ready to invest and I am happy about this," Ancelotti added.
"But we already have a very balanced group and we will not spend this sum right now, but within the next five years.
"We are competitive already and I do not think there is a reason to change the group too much."
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