The 27-year-old's future is uncertain after Bundesliga champions Bayern Munich opted not to take up a permanent transfer following a two-year loan deal from Madrid.
Amid ongoing speculation over James, Ancelotti told reporters: "I don't know if he'll come, but we hope so.
"I know him very well, he can play in all the midfield positions. I used him as a left winger, as a number 10 and or even on the right.
"His position on the pitch isn't a problem. He's adaptable, he can play in many positions.
"As for the number 10 shirt, the important thing is that he puts on the Azzurri jersey. His number isn't important. However, he needs time and patience."
Napoli are reportedly interested in taking James on loan, though Madrid want a permanent sale and €42 million ($47m, £38m) as they look to raise extra funds amid a busy transfer window.
The ex-Monaco ace contributed seven goals and three assists in 20 Bundesliga appearances for Bayern last season, helping Niko Kovac's side retain the league title.
However, his time at the Allianz Arena was disrupted by a string of injuries and he was never quite able to rediscover his best form.
The same could be said of James's spell at Madrid to date and after being deemed surplus to requirements by Zinedine Zidane, he will likely accept a new challenge elsewhere before the start of the new season.