The 30-year-old arrived at the Bernabeu in 2012 and has since worked under the Italian, as well as greats such as Jose Mourinho, Rafael Benitez and Zinedine Zidane.
When asked to rank which made the biggest impact on him, however, Modric was unequivocal in naming incoming Bayern Munich boss Ancelotti as the best.
"I had great relationships with all the four coaches I played under at Real Madrid," the Croatia international told the BBC. "They all helped me improve but if I had to pick the best I would pick Ancelotti."
"I think everyone knows he is one of the best [players] ever. I can learn a lot from him," he continued. "So far he’s doing really well. I’m sure he will have a great career as a manager.
"He knows exactly what he wants. He doesn’t speak a lot. He tells us exactly what he expects from us. So far, everyone is very happy with his approach.
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"His training sessions are very interesting, very intensive. What we need is hopefully results that follow, he can bring titles to Madrid."
"For what Ronaldo’s achieved, he’s amazing, he’s a great team-mate," the playmaker added. "Because of what he’s done, people expect him to perform at top level every game, but he is still one of the best in the world and we are happy to have him here.
"It [the relationship with Bale] helps a lot. We know each other well from our time at Tottenham. Hes changed his position from winger in the past to becoming more of a forward now.
"He’s much stronger and much quicker than he was at that time and now he’s surely one of the best players in the world."
Turning to his future, Modric concluded: "From day one I was in love with this club and with this city. I enjoy every moment here.
"It’s difficult to say, I have two and a half more years on my contract and I would try to be here as long as it is possible."