Los Blancos have brought in Aurelien Tchouameni and Antonio Rudiger in the current market, and Ancelotti recently claimed that the club would not be signing any more players this summer.
However, there are expected to be a number of outgoings, and according to Marca, the La Liga and European champions have put together an eight-man unwanted list.
The report claims that Marco Asensio is among the players surplus to requirements at Real Madrid, with the Spain international still being linked with the likes of AC Milan, Arsenal and Liverpool.
Dani Ceballos, Takefusa Kubo, Jesus Vallejo, Mariano Diaz, Borja Mayoral, Alvaro Odriozola and Reinier Jesus are also allegedly unwanted at the club for next season.
Ceballos, Vallejo and Mariano were all in Real Madrid's first-team squad last season, but the trio found it difficult to secure regular action, and the arrivals of Tchouameni and Rudiger will push Ceballos and Vallejo further down the pecking order.
Meanwhile, Ancelotti has recently hinted that he is considering using Eden Hazard as a centre-forward next season when Karim Benzema is unable to play, which will further limit Mariano's minutes.
"We have a lot of options for that position. Benzema is the top one. But, we have to understand it'll be a strange season with the World Cup in the middle. Given the quality Eden has, it could be good for us to have him there," the Italian recently told reporters.
Kubo spent the 2021-22 campaign on loan at Mallorca, and it has been suggested that the 21-year-old is closing in on a switch to Real Sociedad.
Mayoral, meanwhile, scored six goals and in 18 La Liga appearances for Getafe in the second half of last season after a loan period with Roma.
Odriozola and Reinier represented Fiorentina and Borussia Dortmund respectively on loan last term, and neither player is said to be in Ancelotti's plans moving forward.
Real Madrid were widely expected to sign Kylian Mbappe on a free transfer this summer, but the France international instead decided to pen a new contract at Paris Saint-German.
Los Blancos, who beat Liverpool in the Champions League final at the end of May, will open their pre-season against Barcelona on July 23 before also taking on Club America and Juventus.
Ancelotti's side will then face Europa League holders Eintracht Frankfurt in the UEFA Super Cup on August 10 before opening their La Liga campaign away to Almeria on August 14.