The Wales winger had already been ruled out of his club's UEFA Champions League match at Anfield due to a hip injury.
And coach Ancelotti has subsequently revealed that Bale will not recover in time to face Barca on Saturday, although the Italian believes Real have the talent to overcome the absence of their world-record signing.
"Gareth Bale is out of the Liverpool and Barcelona clashes," Ancelotti said. "We have a very competitive squad with a lot of quality to cover Bale's absence."
"It [the Liverpool game] will be a very good game between two great sides, and we will try to win it."
The meeting with Brendan Rodgers' Liverpool will see full-back Alvaro Arbeloa return to the club he left to join Real in 2009.
Arbeloa is relishing playing on Merseyside again and expects the home crowd to be a factor in what he believes will be a difficult Group B encounter for the defending European champions.
"Tomorrow [Wednesday] will be a special day for me. I'm happy to be back in Liverpool," Arbeloa said.
"The atmosphere will be incredible. It will be a very tough game.
"I know what Liverpool are capable of in a night like this. We are prepared for a complicated match."
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