Ancelotti revealed during a news conference at Real's training camp in Los Angeles on Wednesday that they were in talks with Spurs to buy Bale amid speculation the Wales player was poised to move to Spain for a world record fee.
But Villas-Boas is adamant that the talks have only been to confirm to the Spanish giants that Bale will not leave.
"These rumours of an imminent transfer are not true. The only thing we have communicated with Real Madrid is that he is our player and he is not for sale," he said,
Asked if he felt Ancelotti was in the wrong for revealing the talks, Villas-Boas said: "I think so, in my opinion. Carlo is a person I appreciate a lot and we have great respect for each other, but bearing in mind this situation they have decided to make it public.
"Normally in situations like this it is scrutinised by the Football Association with lots of care and attention. We have seen lots of people speak about a player that is not theirs and we are due some respect," added the Portuguese coach.
Villas-Boas was speaking at a news conference after Tottenham had lost 5-2 in a friendly away to Monaco although the 24-year-old Bale did not travel for the match due to injury.
"Gareth is a guy I really like. We are talking with Real Madrid because there is respect between the two clubs following the transfer last season of Luka Modric," added Villas-Boas.
"We are building a great team for next season. We envisage the future with Gareth. But we know that in football anything is possible," he added.
Media in Spain and England have reported that Real are prepared to offer a world-record fee of more than £85 million for the English Footballer of the Year.
That would eclipse the fee of about £80m that the world's richest club by income agreed to pay Manchester United for Portugal forward Cristiano Ronaldo in 2009.
Ancelotti said on Wednesday: "It is difficult to talk about Bale because at the moment he is not a Real Madrid player.
"I believe the club is in talks to find a solution and we will see what happens.
"I am not used to talking about players who are not in my team and it would not be right to do so," added the Italian, who said he had not spoken to Bale.
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