The current Real Madrid manager's contract is due to expire at the end of the season, and it is widely thought that he will leave Bernabeu to take charge of Brazil.
When asked about his future ahead of Wednesday's La Liga clash with Las Palmas, the 64-year-old said that a possible contract renewal was "not a matter of interest".
"My renewal is not a matter of interest. Everyone knows that I'm doing very well here, but it's not the right time to talk about it because there are a lot of games," Ancelotti told reporters on Tuesday.
Bayer Leverkusen's Xabi Alonso and Real Madrid Castilla's Raul are currently being linked with the position, but according to Cadena SER, De Zerbi is also regarded as a genuine option.
The 44-year-old managed Sassuolo and Shakhtar Donetsk immediately before arriving at Brighton as a replacement for Graham Potter in September 2022.
De Zerbi led the Seagulls to the semi-finals of the FA Cup last term, in addition to a sixth-placed finish in the Premier League - the club's highest-ever top-flight spot.
Brighton are therefore playing in Europe this season for the first time in their history, with the club operating in the group stage of the Europa League.
De Zerbi has also overseen an excellent start to the 2023-24 Premier League for the club, picking up 15 points from six matches, which has left them third in the table.
The Seagulls have won each of their last three Premier League matches, while they are only three points behind leaders Manchester City, who have a perfect record thus far.
De Zerbi has a contract at the Amex until the summer of 2026, placing the club in a strong position when it comes to his future, although it will be tough to hold off interest from Real Madrid.
Los Blancos have also been in strong form this season, winning six of their seven matches in all competitions, but they lost 3-1 at Atletico Madrid in the Madrid derby on Sunday night.
Real Madrid will now be aiming to return to winning ways when they host Las Palmas, and the Whites will be boosted by the returns of Dani Carvajal and Vinicius Junior from injury, but Thibaut Courtois, Eder Militao and Arda Guler remain unavailable for selection.