Ancelotti's contract is due to expire at the end of the season, with ex-Brazilian FA (CBF) president, Ednaldo Rodrigues, having said the 64-year-old is the preferred candidate to replace Tite, who left after Brazil's quarter-final exit at last year's World Cup.
Asked in a press conference if Real would award him a new contract as a Christmas present, Ancelotti quipped: "I already got my present, which was to stay here as the head coach of Real Madrid and that is the most important thing.
"As I said, we still have time to think about that (contract extension)," added the Italian, speaking ahead of Real's home game against Villarreal.
"But in terms of presents, tomorrow my players could give me one by winning this match. The thing I want the most is to finish well this year by winning these two games left, so we can have a quiet Christmas."
Real, who are second in the LaLiga standings, will be looking to provisionally overtake leaders Girona with victory over 14th-placed Villarreal later on Sunday.
