The Real Madrid coach is under pressure in Spain and can be moving at the end of the season.
Sacchi says that Milan's owners should recognize the chance and try to bring Ancelotti back to the club.
“What makes me sad, even if this is part of football, is that everyone criticizes Carletto because of an exit from the Champions League and blames him for elimination,” Sacchi told La Gazzetta Dello Sport.
“Do these people have any idea who Ancelotti is? Do they know what he has won? I consider him a real master in the game, not only because of the trophies, but also for his human qualities.
“Real Madrid should not think once, but two or three times, before he releases someone like Carletto.”
Serie A Return?
He added: “I don't know what Carletto wants to do. Apparently the Brazilian federation has been after him for a while, and certainly the chance of the Seleçao at the World Cup is seductive.
“Anyway, I would call Carletto if I was in Milan or Roma, it costs nothing. I don't know if the dream will come true. Let's just keep dreaming now.”