The Norway forward has made eight Everton appearances, all from the bench, and is yet to score following his arrival from Bournemouth in February on a deal until the end of the season.
Asked what he made of how things had gone so far for King at the club, Ancelotti said: “I think Josh is doing well. He didn't play a lot, it's true. It's true also that he played more when we were playing in a different system.
“Now, for the fact that I have a lot of midfielders out, we changed the shape. He suffered a little bit more, the fact we changed the shape."
King has been linked with a move, and when asked if there had been talks about the player's future, Ancelotti said: “No, we haven't talked about the future because we are not talking about the future in this moment. We are really involved in the fight.
“I appreciate the fact he is training well, properly all the time – absolutely no problem for this.
“And the future of the structure of the next season will be discussed not now, because we are so involved in the games, maybe later."