The French powerhouse continue to monitor the attacker's situation at the San Siro side, and could make another move in the summer transfer window
The Ligue 1 giants were believed to be close to signing the Brazil international in January, but the move eventually fell through.
Nevertheless, the 22-year-old remains one of PSG's main transfer objectives.
"Pato was one of our targets in January, and remains one of our transfer targets for the future. It's true that he has been injured a lot, but I still consider him to be an extraordinary talent who can prove himself to everybody," Ancelotti said to Rai Sport.
Pato has a contract with Milan until the summer of 2014, but the Rossoneri could opt to sell the attacker at the end of the season if a good offer comes in.