The 19-year-old Brazilian, whose compatriot Kaka sealed a move from Milan to Real Madrid on Monday, has been a constant goal threat since joining from Internacional in 2007.
Milan sold playmaker Kaka to help boost their bank balance and insist Pato is staying but speculation has been rife that former San Siro boss Ancelotti wants to take him to London.
"I will talk with Ancelotti. He is an extraordinary man. It is thanks to Ancelotti that I managed to come through at Milan and in Italian football," Pato was quoted as saying in Tuesday's Gazzetta dello Sport.
"Before deciding my future I want to talk with him. At the end of June, after the Confederations Cup in South Africa, I will talk with the Milan directors."
The loss of former world player of the year Kaka after six years has led to supporter protests and any further high profile departures could rock the Rossoneri, whose ageing side has stuttered since winning the Champions League in 2007.
New novice coach Leonardo, who started taking an advanced coaching badge on Monday, faces a tough baptism in the job.
Media reports have linked Milan with the quick purchase of Wolfsburg striker Edin Dzeko to try to quell the unrest caused by the Kaka sale.
Player Alexandre Pato
Minutes on pitch 2,280
Shots on target 37
Shots off target 42
Shooting accuracy 46.8 per cent
Chance conversion 19 per cent
Goal assists 5