Reports have linked Morata with a loan move to the Gunners during the January transfer market.
The 21-year-old has made just one start in La Liga for Real Madrid this season.
“I say, some clubs are interested but the subject is closed,” Ancelotti told Spanish radio station Esradio.
“Morata remains with us because we need a footballer like him at Real Madrid this season.
“Although he has not played many matches this season I have confidence in his work for the team.”
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The start of the 2017-18 Premier League season is just around the corner and is shaping up to be one of the most competitive yet.
As always it is the so called “big clubs” that have splashed the most cash in the transfer window so far this summer. Manchester United or City? Arsenal or Tottenham? Who are the winners and losers of the transfer window so far?