Ancelotti has recently started the third season of his second stint in charge of Los Blancos, winning a La Liga title and Champions League crown since 2021.
However, there has been ongoing speculation regarding the future of the legendary Italian being constantly linked with the Brazil job.
Despite that talk, Ancelotti has been consistent with regards to saying that he will fulfil his contract, one which expires at the end of 2023-24.
As it stands, the expectation is that he will eventually take on that role with the South American nation, leaving Real in a position where they must find a replacement.
A report from earlier in the week claimed that Real officials had already decided that they would look to appoint Alonso in Ancelotti's place next summer.
The former midfielder is approaching the end of his first year in charge of Leverkusen, who he has transformed into contenders for the Bundesliga title.
While Real's interest in the Spaniard would be natural, it is not confirmed, yet that has not stopped Ancelotti from acknowledging that he would support the future appointment.
Speaking to reporters at a press conference, the 64-year-old said: "I had him (Alonso) as a player. He has a high-level knowledge of football, he is doing very well with Bayer Leverkusen.
"I wish him to be here one day, like Raul or [Alvaro] Arbeloa. They are people I know and I love them very much. I hope one day they can be Real Madrid coaches."
Club legend Raul is already in charge of Real's Castilla side and allegedly had interest from Villarreal earlier in the campaign.
Meanwhile, Arbeloa has also started his coaching journey at the Bernabeu, initially managing the Under-14s before progressing onto his current role with the Under-19s.
Alonso has also been linked with other clubs, including Liverpool, but he is currently focused on trying to win the Bundesliga - his team having collected 16 points from six matches - and Europa League with Leverkusen.