The locus is not a circle.
Counterexample.
Consider ellipses with semi-axes $a=2,b=1$. Let equation of static
ellipse is
$$
\dfrac{x^2}{2^2} + \dfrac{y^2}{1^2} = 1.
$$
Here 3 steps are shown:

Suppose the locus is a circle (with radius $r = a+b =3$).
Then must be an instant/moment (see $2$nd image), when ellipses are co-directed
(semimajor axes are parallel).
And 2 conditions must be true:
$$KM = LM = 3/2;\tag{1}$$
(since symmetry); and
$$len(BM) = len(AM),\tag{2}$$
where $len(...)$ is arc length. Yes, $len(BM) =^{\mbox{symmetry}} len(CM) =^{\mbox{rolling}} len(AM)$, since ellipse is rolling without slip.
1).
Looking at condition $(1)$, let's find coordinates of point $M$.
$M$ belong to ellipse, $|KM|=3/2$.
$\left\{
\begin{array}{l}
x^2+4y^2 = 4; \quad (M \mbox{belong to ellipse});\\
x^2+y^2 = 9/4;\quad (|KM| = 3/2);
\end{array}
\right.
\quad \implies x = \sqrt{5/3},\; y = \sqrt{7/12}$.
2). Let's estimate $len(BM)$ and $len(AM)$.
Equation of arc $AB$ is $y = f(x) =\sqrt{1-x^2/4}$.
Note, that
$f'(x) = \dfrac{-x/2}{2\sqrt{1-x^2/4}} =
\dfrac{-x}{\sqrt{16-4x^2}}$.
$\sqrt{1 +(f'(x))^2} = \sqrt{\dfrac{16-4x^2}{16-4x^2} + \dfrac{x^2}{16-4x^2}} = \sqrt{\dfrac{16-3x^2}{16-4x^2}}$.
So,
$\displaystyle len(BM) = \int\limits_0^{\sqrt{5/3}} \sqrt{1+(f'(x))^2} dx =
\int\limits_0^{\sqrt{5/3}} \sqrt{\dfrac{16-3x^2}{16-4x^2}}dx \approx 1.32081$ (wolfram alpha).
$\displaystyle len(AM) = \int\limits_{\sqrt{5/3}}^{2} \sqrt{1+(f'(x))^2} dx =
\int\limits_{\sqrt{5/3}}^2 \sqrt{\dfrac{16-3x^2}{16-4x^2}}dx \approx 1.10131$ (wolfram alpha).
When condition $(1)$ is true, condition $(2)$ isn't true.
So, the locus isn't circle.