The report suggests the 25-year-old is subject to interest from a number of Premier League clubs such as Chelsea, Manchester United and Juventus, but the midfielder will decide his future at the end of the season.
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Ancelotti brought the 25-year-old to Real Madrid after a great 2014 World Cup with his national side Colombia, but since Ancelotti’s departure, the midfielder has struggled for first-team football under Zinedine Zidane.
The 25-year-old joined Real Madrid in 2014 from French side Monaco for a fee of £65 million and has made 68 appearances for the Los Blancos, scoring 26 goals.
It is understood that the Bayern Munich board would jump at the chance to sign the Colombian international in the summer.