It has been reported by the Madrid-based sports daily that the Italian tactician considers the Germany international an important part of his team and is happy to have him in his side for the 2014-15 season.
What Los Blancos are looking for at the moment is to extend Khedira’s current contract that runs out in June 2015. However, after the ongoing 2014 World Cup, if they cannot reach a agreement, then they would be open to bids for the former Stuttgart star.
If a club were to offer €40m (£32m) for the 27-year-old, then Ancelotti would be willing to sell him and use that money to recruit a replacement, having apparently pretty much sewn up the signing of Toni Kroos from Bayern Munich, according to the report.
The report also states that Khedira is happy in the Spanish capital – something that will eventually be crucial in deciding his future after the World Cup.
If, and it is a big if, Khedira and Madrid do not come to an agreement, then would it be worth for Arsenal to splash as much as over £30m for a 27-year-old who will essentially be a surplus to requirements at the Spanish giants?
Arsenal have already been linked with a £25m move for Khedira, and yours truly has argued before that if the Gunners spend that much money on him, then it will be Madrid who will be the biggest winners of the transfer (click here to read more).
If the North London outfit go on to pay £32m, then it would make it an even more expensive and ludicrous signing.
Make no mistake: Khedira is a brilliant player and has been so for years. His importance to Madrid over the past four years and to the Germany national team cannot be understated, but if Madrid are ready to sell him, then there must be a reason why.
Khedira will be a good buy for Arsenal and will be a huge asset to manager Arsene Wenger. This is a player who has won major trophies and, by the time he returns from Brazil, he may even be a World Cup winner.
However, splashing out £32m on a player who is 27 and who is not wanted by the biggest club in the world will not be a good piece of business. If Arsenal can get him for a lower fee, then it will be.