The Blancos boss has admitted that he feels incredibly lucky to have the 28-year-old within his ranks, claiming the former Manchester United ace is now the world's No.1 player
The 28-year-old attacker scored the winner in the Seleccao's 1-0 win in the first leg, only to step things up a notch in the return fixture in Stockholm on Tuesday by netting a stunning hat-trick to book his country's ticket to Brazil.
"I saw the match against Sweden and I asked myself if it was true that this footballer plays for Real Madrid," Ancelotti told Madrid's official website.
"It is hard to talk about him at the moment because every can see that he is number one at present. I really like seeing him play because at the moment he is incredible and he is playing extraordinary football.
"I think that it would be a big decision not to give the Ballon d’Or to Cristiano Ronaldo. I hope he does win it because he deserves it."
Ronaldo has netted 24 goals in 17 appearances in all competitions for Madrid so far this campaign but faces stiff competition for the prestigious Fifa accolade from Franck Ribery, who won a treble with Bayern Munich last season.