Ribery missed Bayern's past four games due to a thigh injury, while Boateng has not featured for the reigning German champions since November 2016.
The duo recently returned to the training pitch, but Saturday's match versus Hertha Berlin comes too soon for them.
"Ribery is still training individually, but I think he can resume squad training next week," Ancelotti said at a news conference.
"I think he could make his comeback against Hamburg or Schalke.
"Boateng is also training with the squad again, but he still has to avoid physical contact. He still needs three weeks or so before his return.
"Could he play the second leg against Arsenal? We will have to wait and see when physical contact is an option again for him. He is in good shape, but we will have to wait a bit."
Boateng's imminent return leaves Ancelotti with a difficult choice as Mats Hummels and Javi Martinez have impressed as a centre-back pairing, but the Italian is not concerned about his luxury issue.
"Boateng is still very important for us," Ancelotti continued.
"But the players all know not everybody can play at the same time.
"Javi Martinez could also play in midfield, so that is an option as well."