"They (Real) came and I discussed it with them. He's got a contract with us for one more year...for me, he's here next year," Al Khelaifi told Reuters.
"He's a fantastic guy and I'm sure he'll respect his contract."
Ancelotti has been linked with Real in recent weeks after media reports suggested Jose Mourinho would be leaving the Spanish team to rejoin former club Chelsea, but this is the first clear sign that the Madrid are preparing for life without the Portuguese coach.
Ancelotti refused to confirm he would stay at the club on Sunday after they secured their first Ligue 1 title since 1994.
"We are going to talk with the club," said the Italian who joined the team in December 2011.
Al Khelaifi explained that he had no desire to discuss the issue with Ancelotti.
"Today I don't have any plan to meet him because he has a contract. Now it's time to celebrate and to enjoy the moment," he said.
Al Khelaifi added that sporting director Leonardo spent a few hours in hospital on Monday after feeling unwell.
"He went for some checks but he's out now," said the club president. "He will be there to celebrate the title with us (later on Monday)."
- Sports & Recreation