Ancelotti picked up his third booking of the season as Los Blancos suffered a shock 2-1 defeat to Valencia on Saturday.
As a result of that, the Italian will be suspended from the touchline for their next league match away to Deportivo Alaves.
He will however be available for the first leg of their UEFA Champions League quarter-final first leg against Arsenal on Tuesday.
Ancelotti will also be able to select Antonio Rudiger, Kylian Mbappe, Vinicius Jr and Dani Ceballos.
The four players were all at risk of being banned for the clash at Emirates Stadium after UEFA opened an investigation into their celebrations following the dramatic last-16 triumph over Atletico Madrid on penalties.