The England superstar is the club's top goalscorer in Europe with four goals, just one behind former teammate Erling Haaland.
Bellingham has either scored or assisted in all five of his UEFA Champions League appearances for Real Madrid so far.
However, the midfielder has been struggling with an ankle injury that forced him out of Madrid's 4-0 victory against Girona on Saturday.
Is Bellingham fit for Real Madrid's game tonight?
No, Bellingham is set to be sidelined for Madrid's trip to Germany to take on RB Leipzig in the Champions League last-16 first leg.
Los Blancos have confirmed the England international has been diagnosed with a high-grade sprain in his left ankle.
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Bellingham is likely to be out of action for a number of weeks and was left out of Madrid's travelling squad to face Leipzig.
In his absence, Brahim Diaz is expected to partner Brazilian pair Vinicius Junior and Rodryo in attack.
On his options without Bellingham, Ancelotti said: "We never think about those [players] who aren't here.
"It's more fair to think about those who are here. Without Bellingham, we've won four games out of four [this season]. Those who've replaced him have done well, whether it's Brahim [Diaz] or Joselu."
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Despite Madrid confirming Bellingham's absence, Leipzig boss Marco Rose expressed his doubt over his former protegee's injury.
The German manager mentored Bellingham during his time in charge of Borussia Dortmund.
"I don't believe he'll be out until he's not in the stadium," Rose said.
"I know Jude, he will do everything to play the Champions League game. He might see other doctors today in order to be fit.
"I've read a lot but we'll see if he's here or not."
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