The Germany midfielder has been out since the start of the campaign due to a knee injury.
Ancelotti said: "We are feeling the absence of Khedira because he is an important player. He is recovering well and he has started to run. Everything is going well and in 15 or 20 days he will return to Madrid and start to work with the team.
"Let's hope he can play before the end of the season. There is a lot of competition in the centre of the pitch and making a choice with Khedira is not easy, it is even more difficult without him."
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