Suarez was dominant for the Reds last season, scoring 31 Premier League goals after missing the first six matches of the campaign through suspension.
Madrid are believed to be ready to break the bank to land the Uruguay marksman, but Ancelotti was coy when asked about his club’s interest in the player.
“It is difficult to improve what we have,” he told reporters. “Luis Suarez is a fantastic player, but it is disrespectful to talk about a transfer now.
“We’re in no rush and we don’t need to bring in a lot of players. We have until August 31,” he added.