The forward made the move to Goodison Park from Bournemouth towards the end of the January transfer window with the aim of bolstering the club's options at the top end of the pitch.
However, the Norway international has been restricted to just eight appearances off the bench since making the move to Merseyside, and hasn't yet made a start.
And, in Friday's press conference, Ancelotti discussed King's future and admitted that the club had not opened talks over a potential extension of the forward's deal.
And that was the latest topic of discussion on our Royal Blue Podcast.
Host Adam Jones was joined by Connor O'Neill, Gavin Buckland and Dave Prentice to talk over King's time at Everton so far and what the future could hold.
Listen to the latest episode of the Royal Blue podcast in full HERE
Adam: Carlo Ancelotti discussed Josh King and his chances, kind of hinting that the formation change had affected his playing time.
He also discussed King's contract news didn't he?
Connor: It was interesting because he essentially said there had been no talks around Josh King staying beyond when his contract is up at the end of this season.
He didn't give very much away, but it was very telling that he talked about another tactical approach and King being forced to watch on from the sidelines.
I don't know, I just kind of got the feeling from what Carlo was saying that King wasn't in the club's plans moving forward and that they will look to go elsewhere.
I'm not one to call Carlo Ancelotti a liar but I find it hard to believe he and Marcel Brands aren't sitting there discussing the future and talking about targets and where Everton are going to strengthen!
For him to say that and kind of play it down the way he did, that was a stark message to Josh King and his future at Everton - saying he can't play in the formation we're playing at the minute was quite telling.
I think the whole King experiment at Everton has been quite disappointing hasn't it? We all thought he could be that figure coming off the bench with 20 minutes or half an hour to go to use his pace and stretch the game - but it's just not happened.
Carlo clearly doesn't have him in his plans, and after his thoughts here I find it hard to think he'll stay at Everton.
Adam: Do you agree with that Gav?
Gav: I'd be speaking to my agent to say he could be busy over the next month or two!
In my experience the best managers are always, shall we say, economical with the truth - to put a finer point on it. So Carlo's in good company there if he's perhaps not giving the full picture.
You've only got to see the minutes played, and when he's played. When he's been needed, he's not been on the pitch.
From what Carlo's saying there I take it as meaning he can't play him in a 4-4-2, but only in a 4-3-3 - and we've not had many opportunities to play that.
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So yeah. We said when the deal was done that it was one that, in a short space of time and with no long-term commitment, it wasn't a gamble as such. It's just one of those things, but it's not damaging to us I'd say.
It's probably more damaging to King. But who knows? There's still a lot of games left, so he still might make a difference.
But at this stage I'd be speaking to my agent to be honest to see what my options are in the summer.
Adam: My view of the move when it went through was that he'd be potentially a back-up striker.
Everton looked quite short up front, but Josh King hasn't really had those chances in that role. So what do you think he needs to do to force his way into these plans?
Dave: I'm struggling with the whole Josh King situation to be honest.
You're right when you say we did look short in that position and we needed back-up, and Carlo has been very positive in his press conferences about King's contribution in training - and then doesn't really give him minutes.
We've seen very little of him at all. You get the impression, reading between the lines, that Carlo doesn't really fancy him - which makes you wonder why he was brought in, in that case.
Was he purely a back-up option in case anything happens to Calvert-Lewin? Because the numbers stack up in terms of his goals and contributions before he arrived at Everton.
But it seems like Carlo's got him there just in case, and that situation hasn't arisen. So he's sitting there kicking his heels and coming on in the most difficult situations at the end of games.
It just leaves me scratching my head a bit. A weird one.
I can't see him being around beyond the end of the season and, as Gav said, I think his agent is going to be very busy.