Los Blancos 3-2 aggregate defeat to Juventus in the semi-finals of the Champions League means that Real look set to finish the season without any silverware.as they trail La Liga leaders Barcelona by four points with two matches to play.
Throughout the Italian's time in Madrid he has been forced to bat off questions regarding his future, with last season's cup quadruple of the Champions League, Copa del Rey, Club World Cup and UEFA Super Cup titles not enough to silence some critics.
However, Ancelotti's failure to add silverware to the Bernabeu trophy cabinet this season may cost him his job.
"I don't know if I will be here next season," the 55-year-old admitted when asked about his future.
He added: "We have 15 days left and two games. After that we will speak with the club.
"There is not much point talking about the future today."
Ancelotti's plight was illustrated by Real Madrid director Emilio Butragueno's failure to back his coach following Wednesday's defeat.
When asked if Ancelotti would remain in charge, Butragueno told Canal : "Today we have to be together. We all win and we all lose. The feeling of sadness is a general one.
"We congratulate Juventus for the way they played the tie. We have two league games left and now we have to concentrate on that."
Pushed for an answer to the questions, Butragueno added: "Tonight we have lost and that is the important thing at the moment. We are all sad and everything else is secondary."
Ancelotti took to Twitter to underline his desire to remain at the club, writing that he was proud of his team and that they would be back.
— Carlo Ancelotti (@MrAncelotti) May 13, 2015