The Frenchman, who won La Liga and the UEFA Champions League in a five-year spell at Real from 2001 to 2006, is coach of the club's reserve Castilla outfit.
Zidane has taken measures to boost his coaching knowledge, observing training at Bundesliga champions Bayern Munich last week.
Speculation over the future of Ancelotti has only intensified following Real's 2-1 Clasico defeat to Barcelona last weekend, with Zidane one of the men mooted to be in contention to replace the Italian should he leave his post.
And Zidane told Canal Plus: "If the role of coach at Real Madrid was offered to me I would certainly agree to it.
"However, there is a coach there right now who is doing a very good job. I am part of the club's structure and still learning.
"Am I ready for the job? You are never ready, but even if you're not you still have to say yes. When I was a player I didn't build my career over two years because things happen gradually. It's the same in coaching.
"I've learned a lot from Carlo Ancelotti and he knows how highly I regard him. He's the perfect coach for Real Madrid, despite what people are saying."
Meanwhile, France coach Didier Deschamps, who won the World Cup alongside Zidane, has talked him up as a potential national team boss in the future.
Deschamps said: "I do not know what he'll [Zidane] do next. But he has all the qualities to be [coach]."
