After Thursday's afternoon draw in Monaco, the French outfit found themselves in Group A alongside Portuguese champions Porto, Dynamo Kyiv and Dinamo Zagreb.
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They return to the Champions League after a three-year absence but Ancelotti is anticipating a positive result, telling the club's official website after the draw: "The draw is past, we must now play the matches. We will do our best to progress from the knockout stages.
"This is a new experience for the club. Teams like Porto, Kyiv and Zagreb have a certain international experience.
"Champions League matches are special, there's motivation, commitment. I hope that we will progress to the knockout stages by finishing top of this group."
PSG have not enjoyed the greatest of starts to their Ligue 1 campaign, having racked up three consecutive draws, but begin their quest for Champions League success against Dynamo Kyiv on September 18.