The 54-year-old, who lifted the Ligue 1 title with Paris Saint-Germain last season, has signed a three-year deal at Santiago Bernabeu, and Morientes is feels the experienced Italian will prove an apt replacement for Jose Mourinho.
"The president said that his trainer is Ancelotti. If he said that, that means that he's also everyone in the club's coach," Morientes told AS. "I don't know him personally but they've spoken to me about him.
"He's a coach with a lot experience as a player and a coach, and is the type of coach that players like. I believe he's the ideal coach for Madrid."
Ancelotti, who has previously won league titles with AC Milan and Chelsea in addition to two Champions League trophies, will be tasked with ending Madrid's long wait for their 10th European crown.
Morientes played for los Blancos between 1997 and 2005, scoring 99 goals in 261 games, as well as winning three Champions League and two Liga titles at the club.
He was appointed as a youth coach at Santiago Bernabeu in 2012.