Confirmation of Bale's big-money move to Spain from Tottenham Hotspur has appeared imminent for several days and Spanish sports dailies Marca and As reported it could come later on Saturday, with the Wales international's presentation at the Bernabeu to follow on Monday.
At a pre-training news conference, Ancelotti said he did not want to talk about the transfer market but was later drawn into responding to a question about whether the Bale saga was as frustrating for him as it has been for the media.
"I am working with my players every day, my mind is not on players who are not here because we have to work," the Italian said.
"For me absolutely it's not frustrating," he added. "I am happy to train with these players, if another one comes I will be happy the same.
"Everyone knows Bale, he is a fantastic player. Everyone knows this. I don't know how long he will be a Tottenham player but today he is a Tottenham player."
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