The Wales forward, 32, is absent from the team and unavailable for Wednesday’s Copa del Rey round-of-32 trip to Alcoyano, with Ancelotti saying “he isn’t injured, but doesn’t feel good.”
Bale last featured for Madrid in a 1-0 win at Real Betis on Aug. 28.
He has suffered a series of injuries, returning in time to play for his country in September and November’s international breaks, and has only appeared for Madrid as an unused substitute in the derby with Atletico Madrid on Dec. 12.
“Bale is committed. He has six months left on his contract and he wants to respect it,” Ancelotti said in a news conference on Tuesday.
“He’s been working individually. He isn’t ready for this game [at Alcoyano]. I don’t know if he’ll be back for the Valencia game but we’ll take him to Saudi Arabia.
“I don’t think we’ll see any departures during the month of January.”
Madrid host Valencia in LaLiga on Saturday before travelling to Riyadh next week for the Spanish Supercopa, where they will face Barcelona in the semifinals on Jan. 12 before a possible final against Atletico or Athletic Bilbao four days later.
“We have to give [Bale] the chance to feel good,” Ancelotti said. “If a player doesn’t feel right, if he doesn’t feel comfortable training collectively, if he’s worried about having a problem, we have to evaluate it and give him individual work.”
Bale’s injury record has led him to adopt a cautious approach with his fitness, while he has also asked the club not to publish medical updates on his physical condition.
Ancelotti defended that decision on Tuesday, saying “players not talking about their injuries isn’t a sporting problem, it’s about society and respecting privacy.”
Bale has played just three times for Madrid this season, by far the fewest of his eight years in Spain since joining in 2013.
He spent last season on loan at former club Tottenham, scoring 11 Premier League goals in 20 appearances.