The former Lyon man - who made the move to the Bernabeu for £40.3m in 2019 - has never truly settled in the Spanish capital, although he has not been helped by a spate of injury problems.
Mendy has never managed more than 26 La Liga appearances in a single season, but he has managed to stay fit through the early stages of the current campaign, making nine appearances in all competitions.
The 29-year-old started at left-back in Wednesday's Champions League contest with Lille, but he was replaced by Fran Garcia on the 45-minute mark as Real fell to a 1-0 loss, the second time that he has been withdrawn at the break this season.
Four of Mendy's nine appearances this season have seen the left-back fail to complete the full 90 minutes, but the club still saw fit to reward him with a recent contract extension until 2027.
Ancelotti wants Mendy gone despite contract extension?
Mendy was initially due to become a free agent at the end of the season, but Ancelotti confirmed at the end of September that the deal had been agreed, and the club were "very happy" with his displays.
However, Defensa Central claims that the shock loss to Lille was a 'wake-up call' for Ancelotti, who is privately not impressed with Mendy's performances and is not 'appreciating' the Frenchman.
The report alleges that the Real Madrid boss has 'put a cross' next to Mendy's name, and there is every chance that the left-back could depart next summer in spite of his recent renewal.
Mendy's contract extension - which is yet to be officially announced by Real Madrid - at least means that Los Blancos can recoup some money for the Frenchman, as opposed to letting him depart for nothing at the end of the season.
Mendy has contributed six goals and 10 assists in 179 appearances for Real Madrid in all competitions, winning two Champions Leagues, three La Liga titles, two UEFA Super Cups, one Copa del Rey and three Supercopa de Espana titles over the past five years.
Real Madrid to accelerate Alphonso Davies pursuit?
News of Mendy's contract renewal came as something of a surprise, as Real Madrid have long been linked with a move for Bayern Munich and Canada left-back Alphonso Davies.
The 23-year-old is due to become a free agent at the end of the season, and despite Bayern's best efforts, they have been unable to agree an extension with his entourage.
Claims from earlier this year that a verbal pact had been reached between Real Madrid and Davies are thought to have been wide of the mark, but the report adds that Los Blancos are still keeping a close eye on the defender's situation.
Ancelotti's side decided against moving for Davies in the summer window in the hope that he would become available on a free transfer next summer, thereby repeating their Kylian Mbappe transfer tactic.
It appears that such an approach will pay off in 2025, and if Davies does complete an expected move to Los Blancos next year, Mendy's time in the Spanish capital could very well be up.