Italy are led by Antonio Conte but his tenure has not been short of criticism and Ancelotti has previously expressed a desire to coach to his country.
However, Ancelotti has no plans to quit day-to-day management any time soon.
"No, I do not think it is possible because at this time," the 55-year-old told Mediaset's Canale 5.
"I still love what I'm doing: to train every day, stay all day in the field. Having a part-time role at this time would not give me enthusiasm."
One role that may interest Ancelotti is the Milan job.
Ancelotti won everything on offer as both a player and coach in Milan, helping the Italian giants to multiple Serie A titles, European Cups, UEFA Super Cups as a midfielder between 1987-1992.
The Italian was just as successful as a coach for Milan, overseeing two UEFA Champions League titles, as well as the Scudetto, Club World Cup, Super Cup and Coppa Italia from 2001 to 2009.
And Ancelotti revealed he would be open to a return to San Siro.
"Of course I would go back. It's the only place I would go back," he said. "I wonder where I will be in August. But there is no news."
