Ancelotti will have to explain his team selection and tactics to president Uli Hoeness and chairman Karl-Heinz Rummenigge in the wake of the Champions League loss.
The decision to leave Arjen Robben, Franck Ribery and Mats Hummels on the bench and Jerome Boateng out of the squad, despite no indication of any injury problems, prompted criticism of the coach.
German media outlet Sport Bild claim that they could sack the former Chelsea and Real Madrid head coach as a result of recent results and performances, although Goal understands that nothing has been decided ahead of Thursday's meeting.
The Bundesliga champions were dispatched by a ruthless PSG counter-attack at Parc des Princes, with Dani Alves, Edinson Cavani and Neymar on the scoresheet.
And Ancelotti will face questions from the higher-ups over the lack of development in the squad as they sit three points behind Borussia Dortmund in the Bundesliga table.
Speaking after Tuesday's defeat, Robben refused to say if the coach still had the support of his players, claiming any comments he made would be "one word too many" .
"I will not answer that," he said. "It was a painful defeat, we can talk about this. When it is a game as big as this, you never want to lose."
According to German outlet Kicker, Bayern players are assuming that Ancelotti will lose his job ahead of their clash with Hertha Berlin on Sunday.
Rummenigge hinted at possible repercussions for the PSG result, saying: "It's a loss we have to talk about, we have to analyse.
"I think what we saw was not Bayern Munich. I think we all agree on that. Then there is nothing to misunderstand or to interpret wrong."