Carlo Ancelotti said "we'll see" if Real Madrid can add to their squad during the January transfer window, after the LaLiga giants had an approach for Trent Alexander-Arnold rejected earlier this week.
ESPN reported on Tuesday that Premier League leaders Liverpool quickly rebuffed a January move for the England international, who is Madrid's top target for next summer when his contract at Anfield is due to expire.
Ancelotti has been reluctant to talk about whether he'd like to see additions to his squad this month, with first-choice right-back Dani Carvajal ruled out for the season with a serious knee injury.
"Talking about that in this context is difficult," Ancelotti said on Thursday, when asked if the topic had been discussed over the break. "We'll see. We'll see. That's the only thing I can say. We have a lot of games in January, we're focused on that. Talking about the market isn't straightforward for me right now."
Madrid had been linked with Alexander-Arnold even before Carvajal's long-term injury, but the Spain international's absence has brought an added sense of urgency to the issue.
"I don't want to talk about it because it isn't the moment to talk about it here," Ancelotti said, when pressed on the subject. "I've said we'll see, and we'll see. I'm delighted with the squad we have. We've had difficulties, but we've always been able to overcome them."
Madrid have been hit with a series of injuries this season, and have been especially short in defence, although those concerns have been eased by the return to training of centre-back David Alaba.
"Now we have games to win," Ancelotti said, ahead of Madrid's first match of 2025, away at Valencia on Friday. "The team has reacted well and is now more motivated, excited, and in better form. Players have come back, Alaba has started training with us. So for now, the atmosphere is good and we have to maintain that good atmosphere, and we can only do that by winning games."
Madrid go into the game at Mestalla a point behind Atlético Madrid, and two points ahead of Barcelona, who led the table earlier this season before dropping points in six of their last seven league games.
"Nobody expected it, the results [Barcelona] have had in recent games," Ancelotti said. "But the level of competitiveness in the league means you'll need fewer points to win the league. With Atlético, us and Barcelona, that means more uncertainty and the points you need [to win the league] will be under 90."
Ancelotti wouldn't comment on Barcelona's problems registering star player Dani Olmo for the second half of the LaLiga season.
"I don't know the details," he said. "What I can say is respect for all the clubs, the institutions and the rules. But I can't answer."