The Italian is honoured to have the chance to win be the coach who guides Real Madrid to their 10th Champions League in Lisbon on May 24
The Italian took over from Jose Mourinho last summer after the Spanish giants reached the semi-finals of the competition in each of the Portuguese's three seasons in Spain.
They have been waiting 12 years to win the tournament for the 10th time and Ancelotti is keen to make history by bringing the European Cup back to the Spanish capital in the final on May 24.
"Winning it would be a great achievement for the club; I like the idea of having the chance to make history at this great club by winning the Decima," he is quoted as saying by AS.
"The Champions League has given me a lot personally; this is the seventh final I've taken part in and I've won it four times. The chance to be the Real Madrid coach when the club wins the Decima is a big motivation.
"I am lucky because we are all extremely motivated. Everyone feels the same; the players, the club, the fans and myself. We are very close to doing it, but we know it won't be easy because Champions League finals are always very unpredictable.
"You don't play in the final of the Champions League every day, not every team has a chance to do this. We feel honoured because we have a chance to win the Decima."
Madrid face city rivals Atletico Madrid in the final and Ancelotti admits that he did not expect Diego Simeone's side to have such an extraordinary season.
"It’s going to be an open final. Both sides will want to show their quality. I don’t think Atletico will be out to spoil our game, and we won’t do that either.
"We’ll try to show off our football, as will Atletico, who are having an amazing season. They’ve taken everybody aback. Both of us know our qualities, so it’ll be a thrilling game."
The 54-year-old also feels that Cristiano Ronaldo's 16 goals have been the key to the run to the final and took the time to praise the Portuguese's consistency.
"I think he's in top form. But he has been for many years. That shows how professional he is and how professional he is about his football.
"He has been crucial for us in the Champions League; he has scored 16 goals. He has been a key player on the road to the final and will do everything possible to help us try to win it."