The duo picked up ACL injuries last August, with Militao suffering his setback during the team's opening match of the new La Liga campaign, while Courtois's problem occurred in training in the build-up to the new season.
Initially, it had been thought that both would miss the entire season, but the pair have stepped up their recoveries in recent months, and Ancelotti has revealed that returns for the key duo could occur against Athletic in Spain's top flight after the international break.
Real Madrid will be bidding to make it successive wins in La Liga when they head to Osasuna on Saturday afternoon.
Los Blancos are top of the La Liga table, seven points clear of second-placed Girona and eight ahead of an in-form Barcelona in third position.
Ancelotti's side will take on Osasuna and Athletic in Spain's top flight either side of the March international break before switching their attention to the Champions League.
Real Madrid have been drawn against the reigning champions Manchester City in the quarter-finals of the competition, with the first leg taking place at Bernabeu early next month.
Ancelotti has welcomed the clash with the Citizens, insisting that his side need to «beat the best» if they are to lift the European Cup for the 15th time.
«We don't mind playing the second leg away. It's a difficult opponent but in the quarter-finals, anything else can happen,» the Italian added during his press conference on Friday.
«I think the idea is to win the competition and if you want to win it you have to beat the best. It could be that City are the best
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