The 33-year-old could be a free agent next month if his contract with the Bianconeri is terminated
Khedira has been left out in the cold by Juventus boss Andrea Pirlo, with the 33-year-old yet to play a single minute this season.
With his contract set to expire at the end of the season, Goal reported this month there is optimism from both Juventus and the player that his contract will be terminated in January.
Such a move could open the door to a reunion with Ancelotti, who coached Khedira during his time in charge of Real Madrid.
Everton could be in the market for central midfield reinforcements, with Allan facing a spell on the sidelines after being stretchered off against Leicester in midweek with a hamstring injury.
Asked about the prospect of a move for Khedira, Ancelotti admitted that a deal could be possible next month.
“No. Sami Khedira was my player at Real Madrid, an important player for us,” Ancelotti said when asked about a deal for the German. “I have a good memory of him but I don’t think we are looking for him at this moment.”
He then added with a smile: “Maybe in January.”
Earlier this month, Khedira added to the speculation of a move to Merseyside when he admitted he had been speaking to Ancelotti.
“We spoke on the phone and wrote,” Khedira told Bild. “You know my situation.”
Ancelotti said his side weren’t looking to make a big splash in the January market, with Ben Godfrey’s emergence as a left-back option reducing his team’s need for a replacement for the injured Lucas Digne.
“We are looking for January transfers but not we are not crazy for this,” Ancelotti added. “The squad is competitive.
“We were a little bit worried when Digne was injured but the rehab of Digne is going really, really well and really, really fast.
“The fact that Ben Godfrey adapted really well as a left-back [means] we are quieter for this.”
Everton, who are fifth in the Premier League table and just five points behind first-place Liverpool, will host Arsenal at Goodison Park on Saturday.