The World Cup star arrives at Real Madrid next month but is already being considered as an important figure in both the club’s present and future
Los Blancos faced Inter on Saturday and took the lead after 10 minutes, as Gareth Bale fired home from outside the box, but the Italian giants fought back from the penalty spot as Mauro Icardi clipped the ball home when Nemanja Vidic was fouled in the box.
Following the 1-1 result, which Inter won on penalties, Ancelotti assessed his squad’s attacking players and looked forward to the arrival of €80 million (£70m) man James.
"He arrives on August 1," Ancelotti told reporters. "He is a very important player. He has the quality to play in our team.
"He is a very young player. He is an investment for the future."
With James and Toni Kroos already signed, Radamel Falcao is believed to be the next target for los Blancos but the coach denied that the club are pursuing a striker this summer as he perceives the club have plenty of attackers.
"In our current template, we can play excellently with several options," he began, "First, we have Benzema who is very reliable.
"Isco can play a false nine. It is not important to have a striker who scores many goals. We want a player who can receive the crosses of Bale or Cristiano Ronaldo.
"We are not going to recruit another forward because we don’t need one.”
Finally, Ancelotti addressed rumours linking Angel Di Maria, one player whose place is threatened by the arrival of James, with a move away from the club.
"Di Maria is very close to PSG," he concluded, acknowledging reports linking the Argentine winger to the French champions, “I have no news. Di Maria is the same as the others."
Up next for Madrid are Roma on Wednesday at the Cotton Bowl.