Ancelotti was sacked by Real yesterday.
Earlier in the day, Modric remarked: "I don't know if he will continue or not. All I can say is that he is a great coach and person and that I've played my best football under him.
"He trusted me from day one.
"Sometimes, although you don't win trophies, it does not mean you're no good."
On not winning the La Liga, Modric added: "It is starting to be frustrating for me not having yet won La Liga. It is the only trophy that I have not won with Real Madrid but I am convinced that we will do our best to win it next season."