Jemez has built a reputation as one of Spain’s most promising coaches in recent years with his brand of possession-based, attacking football.
In October 2013 he earned notoriety when his team became the first side in 316 matches to have more than 50 per cent of the ball against Barcelona.
His contract is up at the end of the season but, while Ancelotti remains in charge at Madrid, Jemez says he will not discuss the possibility of taking charge of the club.
“I think it's a lack of respect,” he told a press conference.
“There’s a coach with a contract and that should be respected. When Real Madrid decide what they decide, or any team decides what they decide, that will be the moment for us to see if we have an opportunity or not. Real Madrid have a coach.
“Ancelotti is a great coach and hopefully he continues for many years and brings the club a lot of success. When he is not there and his position is vacant, link whoever you want with the job. In the meantime I’d prefer to have respect.”