The 29-year-old swapped life on the south coast with Bournemouth for Merseyside back in February on an initial six-month deal.
However, his stint at the club has seen him used sparingly, with all of his 11 appearances coming as a substitute, most of which were late on.
Asked if he felt he had been lied to by Ancelotti, now in charge of Real Madrid, King told Dagbladet: "Yes I do. That's how the football world is. This is how it is when you get to the top of the real world. That's the way it is. But no, I do not regret that I went there.
"But yes, he lied to me. But again, there are not many honest people who work in football. Except for the players, then. I had no relationship with Ancelotti.
"The gut feeling said Everton when their offer came on the table. But I had never thought that in 18 games I would not be allowed to start one."
He added: "I did not get the chance, not a single start. Had I got a start and not performed, I would have understood it.
"I had another offer that gave much more security, but was told that I would get to play and that I would get the chance at Everton. But it was not delivered, so then I feel that was not the intention.
He added: "Do not trust coaches who promise you things and say you will get the chance, that you will start."
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