The 52-year-old has heaped praise on the controversial Italy international, and revealed that he is relishing the prospect of working with the player in the future
In an interview with Max, the former AC Milan trainer had nothing but high praise for the 21-year-old attacker, who has attracted public attention both on and off the football pitch this season.
When asked whether he would like to work with players like Balotelli and Antonio Cassano, Ancelotti said: "I would train them voluntarily. Balotelli is a great player, and so is Cassano. The sky is the limit for him [Balotelli]. He can do everything on the pitch."
The experienced coach also had a word on two of his current players at Paris Saint-German, Jeremy Menez and Javier Pastore.
"Menez is the strongest of all. He still needs to make the leap, however, he needs to be more consistent.
"Pastore has a different talent from Menez, he is not about speed. He can become a great midfielder like [Clarence] Seedorf. He can also be a trequarista, if he has the space."
Finally, when asked whether he would like to coach Roma one day, the coach gave a positive answer.
"Yes, I would like that, but Luis Enrique is there now. He has good ideas, a good philosophy, he has to adapt to Italian football. He needs time, why not give it to him? I have not had contact with Roma."