It had been claimed that Cole met Ancelotti on the training ground for 20 minutes of discussions where he revealed his desire to quit Stamford Bridge to join Jose Mourinho at the Bernabeu.
However, Ancelotti claims that no offer would be big enough for the club to part with the England defender.
"Ashley Cole will not be sold at any price," said the Chelsea boss after a 2-1 pre-season friendly defeat to Bundesliga club Eintracht Frankfurt in Germany.
"There is no price that we would sell him at. We believe he is the best left-back in the world and because of this he will stay at this club.
"Nothing has changed in our position. Everyone can forget about Ashley Cole leaving this club."