Ancelotti confronted the speculation after yesterday's draw with struggling Udinese.
He said, "Rino is a brother to me. We haven't spoken recently, but I haven't asked him if the rumours are true, because I believe what the President tells me. He says he has faith in me.
“I haven't thought about quitting, because if my past teaches me anything, it's that the worse things go, the better we manage to turn them around."
Ancelotti also said: "There is no powder-keg in the dressing room. I hear talk of a split team, of rows within the squad, with the coach, arguments over training methods, none of that is true. The team is in good shape physically.
“We just tried to refocus ourselves, above all defensively, as our best performances have come when we were defensively organised."