The giant Sweden international has been heavily linked with a move away from the Rossoneri this summer.
Ibrahimovic played down the possibility of leaving San Siro during the tranfer window on Wednesday, and Ancelotti has confirmed he has no interest in signing the 30-year-old.
"PSG's transfer policy is to invest in young talents and to build a squad with players who can perform at a top level for the next four or five years," he told Il Corriere Della Sera.
"That is why we do not need [Zlatan] Ibrahimovic; he does not fit our requirements."
Reports last week suggested Milan were prepared to listen to offers for the powerful front-man as they look to revamp their ageing squad.
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