'No problem' if Real Madrid replace me: Ancelotti
The Italian oversaw a 2-1 home defeat with the Gunners progressing 5-1 on aggregate to the semi-finals.
Real Madrid suffered their 12th defeat of the season, by contrast to just two across the whole of the previous campaign.
"It could be that the club decide to change (coach), it could be this year -- or the next when my contract expires, there's no problem," Ancelotti told reporters.
"The day that I leave here I can only thank the club.
"It could be tomorrow, in 10 days, in a month or a year, but all I can do will be to thank the club -- if my contract's up or not, I don't care."
Madrid have been linked with Bayer Leverkusen coach Xabi Alonso, who played for Los Blancos, and former Liverpool boss Jurgen Klopp.
Ancelotti said his team were still in the fight for La Liga, the Copa del Rey and the Club World Cup this summer.
"The team gave everything in terms of attitude, but we weren't able to do it," said Ancelotti after the Arsenal defeat.
"To be honest Arsenal defended very well, we found it hard to find space, in terms of intensity we were better but it was not enough."