Ancelotti has won the European Cup four times, twice as player and again as coach when he guided AC Milan to Champions League glory in 2003 and 2007.
The 51-year-old Italian would like nothing better than to emulate that feat with Chelsea.
"It's the competition which has given me the most satisfaction in my career, both as a player and as a coach, so it has a very special importance for me to take part in and to win it," said Ancelotti, whose side went out in the last 16 to eventual winners Inter Milan and a certain Jose Mourinho last season.
"In Europe everyone knows the importance of this trophy.
"A London team hasn't won the Champions League, but this season there is a better chance with three teams in the competition and the final is at Wembley so for London it is a special year.
"For Chelsea, the Champions League is just as important a competition as the championship because the Premier League is very important in England.
"Given that we won it last year, it would be great to win something in Europe as well as at home."