Real Madrid started off five points behind league leaders Atletico Madrid and two behind FC Barcelona with one game in hand. (Agencies)
Things got off to a bad start for Madrid when Cristiano Ronaldo limped off with a hamstring injury after eight minutes but Sergio Ramos broke the deadlock from a free kick after 35 minutes.
Ancelotti's side seemed tired in the second half and failed to score a second goal which could have been decisive.
With only five minutes remaining in the match Valladolid substitute Humberto Osorio equalized from a corner.
Real looked for a winning goal and laid siege to the Valladolid penalty area in the closing minutes, but were unable to find a goal which would've given them the precious three-points to keep their title hopes alive.
The result leaves Real third in the league table. If either Atletico Madrid or Barca win their remaining two matches they will be crowned champions.
With Atletico Madrid due to visit Barca's Camp Nou Stadium on the last day of the season that sets up what could be a dramatic grandstand finish.
Meanwhile the point lifts Valladolid out of the relegation zone and puts Getafe back into the bottom three.
Real Madrid started off five points behind league leaders Atletico Madrid and two behind FC Barcelona with one game in hand.