The controversial Argentina striker, 27, seems set to stay at Eastlands until the summer despite being frozen out of Roberto Mancini's squad - and Ancelotti hinted he may renew his interest in the close season.
Ancelotti said: "About Tevez, it is over. For later, I can't say. Maybe there will be another opportunity. In the future we will have to sign a forward.
"We talked with him and he said he would be happy to play for PSG. But, when no agreement is found, finally, the club decided it was not a good opportunity."
Both Milan clubs also held talks with representatives of City and Tevez, but no deal was reached.