Los Blancos booked their spot in the final courtesy of a 4-1 victory over Al Ahly on Wednesday, with Vinicius Junior, Federico Valverde, Rodrygo and Sergio Arribas on the scoresheet.
Neither Benzema nor Militao made the trip to Morocco with the Real Madrid squad due to injuries that they picked up against Valencia on February 2.
Benzema suffered a slight hamstring issue, while Militao was forced off in the same match due to a muscular problem, with the two players absent for the games against Mallorca and Al Ahly.
Ancelotti said ahead of the Al Ahly match that the duo, in addition to Thibaut Courtois, could fly out to Morocco for the final of the Club World Cup.
"We'll see, we preferred to leave them in Madrid to follow the best treatment. We'll see if they're ready for Saturday's game," the Italian told reporters.
However, the Los Blancos boss said after the match that the duo had not "fully recovered" and therefore a decision on their potential involvement has not yet been made.
"They're not fully recovered. Karim is quite well but Militao is a bit more doubtful," said the head coach. "They will train in the run-up to the game and then we will make decisions."
Dani Carvajal was an unused substitute in the semi-final, having suffered with a fever, while Marco Asensio was also not risked off the bench due to "a slight strain".
"Carvajal, who had a fever today, is back, and Asensio, who has a slight strain from the Mallorca game," added Ancelotti when asked about the fitness of his squad.
Courtois suffered a groin issue ahead of the league game with Mallorca last weekend, and various reports have claimed that the Belgium international will not be making the trip to Morocco.
The club's number one goalkeeper is expected to continue his recovery in Madrid with a view to being available for the team's next La Liga encounter with Elche on February 15.
Meanwhile, Ferland Mendy, Lucas Vazquez and Eden Hazard are also currently on the sidelines for Los Blancos, who are bidding to win the Club World Cup for the fifth time in their history.