Everton are set to take on Arsenal on Sunday, but Walcott may miss the fixture.
The Toffees attacker has damaged his knee, and his not yet back in training.
But Bernard and Andre Gomes have returned to the fold, which is better news for Ancelotti.
“Bernard is training normally. Walcott continues to have problems with his knee, he’s not trained,” the Italian boss said.
“We hope in the next few days he can start to train and be available for the game against Arsenal. The others are all okay, no problem.”
If Walcott does make it back in time for Everton he could have a good chance of starting at the weekend.
The experienced attacker has been in good form in recent weeks, where he has claimed a goal and an assist in his last two outings.
If Everton can beat Arsenal they will put further distance between themselves and the Gunners, and raise hopes even further that they could push for a European spot.
Everton are currently in ninth place in the Premier League table, and they are two points ahead of Arsenal as things stand.
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