Ancelotti re-joined Los Blancos in the dugout earlier this month after leaving his Goodison Park post, and the futures of some of Everton's most prized assets have since been called into question.
The Italian is supposedly keen to reunite with Richarlison in the Spanish capital, while a recent report also linked Dominic Calvert-Lewin with a switch to the Bernabeu.
Now, Gol Caracol journalist Javier Hernandez Bonnet claims that Ancelotti once again wants to reunite with Rodriguez at Real Madrid this summer, with the Colombia international scoring 37 goals and assisting 42 more in 125 appearances during his first spell at the club.
Rodriguez made an immediate impression in the Premier League last term, and despite some injury problems since the turn of the year, he managed to finish the campaign with six goals and five assists in 23 top-flight appearances.
The former Monaco man only has another 12 years left to run on his Everton deal, and he would supposedly be happy to accept a salary decrease in order to secure a transfer back to Real.