Record signing Bale played the final 15 minutes of Saturday's 2-0 La Liga win against Malaga, winning a late penalty converted by Cristiano Ronaldo, as he continued his recovery from a thigh injury.
"He could play some minutes against Juventus because he has no problem," Ancelotti, a former coach of the Italian champions, told a news conference.
Forward Benzema was left out of the squad for the Malaga game after sustaining a knock to a calf but Ancelotti said he was hopeful he would recover in time for Wednesday.
Centre back Varane, who has recently returned after knee surgery, would definitely be available, the Italian added.
Real top the group with a maximum six points from two matches, with Juve in second on two points ahead of FC Copenhagen and Galatasaray on one point each.
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