The Italian coach is keen to bridge his side's gap to the Premier League juggernauts and believes the Real Madrid outcasts are a step in the right direction, reports Marca.
Los Blancos are willing to entertain offers for both players.
Ancelotti was able to get the best out of Bale and Rodriguez during his time as Real Madrid boss.
The 60-year-old manager also wanted to sign Rodriguez when he was the Bayern Munich coach.
Everton owner Farhad Moshiri is reportedly willing to offer both players a lucrative long-term contract although Bale is reported to be on around £600,000 a week in Spain.