The 57-year-old penned a three-year contract when he succeeded Pep Guardiola as Bayern boss last summer.
Recent reports have suggested Bayern are lining up Hoffenheim coach Julian Nagelsmann to replace the Italian at the end of his contract in 2019.
However, former AC Milan, Chelsea, Paris St-Germain and Real Madrid boss Ancelotti said of the rumours: “I would like it for him if he becomes Bayern coach one day.
“Maybe he can become Bayern coach in ten or 20 years. He certainly has quality. He is doing a great job at the moment. I wish him all the best.
“But I hope to stay at Bayern for ten more years and why not 20 more years?
“I have a contract for three years. I am feeling very well here. I am feeling at home at this club, with this team and in this fantastic city. And the media are not bad either.
“This is not the moment to talk about my contract, though. There is still a lot of time for that. I just want to enjoy a good season.”