The Italian is in just his second season in charge at the Santiago Bernabeu having won the Champions League and Copa del Rey in his maiden campaign in the Madrid dug-out.
Ancelotti came out on top over German opposition when Madrid took on Bayern Munich in the semi-finals of last season's Champions League, with the La Liga leaders running out 5-0 winners over two legs.
The 55-year-old signed a three-year contract upon taking charge at the Bernabeu in the summer of 2013 and the former Milan and Paris Saint-Germain boss has refused to rule out a move to Germany in the future.
In an interview with Bild, the 55-year-old was reminded that Xabi Alonso had sat in the very same seat before going on to sign for the club in August, with Ancelotti joking, "I am superstitious, Bayern is a very big team."
If he was to ever assume the Allianz Arena hotseat, the Italian would follow in the footsteps of one of his coaching compatriots, Giovanni Trapattoni, who enjoyed two spells with the Bavarians in 1994-95 and 1996-98.
When asked by one reporter whether the language barrier could prove problematic, he Ancelotti replied: "If Giovanni Trapattoni can manage in Germany and learn the language then so can I."
The strength of the Bundesliga has increased considerably in recent years as Bayern and Borussia Dortmund have both reached the latter stages of the Champions League on a regular basis, with the pair contesting the 2013 final at Wembley.
Ancelotti was asked for his thoughts on the standard of Germany's top flight, which has a particular relevance given his Madrid side take on Schalke in the last-16 of the competition.
"The Bundesliga has grown rapidly," he praised. "The level is the same as England and Spain and this is why Germany won the World Cup. The technology has improved, I like it, the whole set-up.
He added: "We will be without James Rodriguez, Sergio Ramos, Pepe and Luka Modric, while Schalke's style has changed into the style of an Italian coach, Roberto Di Matteo. Like all Italian coaches he has tried to give the side a sound defensive footing."
Given German football's renaissance, the plight of Dortmund - who were bottom of the Bundesliga prior to their 3-0 win over Freiburg on Saturday - has come as a shock and though he admitted being surprised by their struggles, Ancelotti said BVB boss Jurgen Klopp has been a source of inspiration for him.
"I watched their 1-0 defeat to Augsburg and I couldn't believe what I was seeing. However, I am convinced they will continue to do well in the Champions League and it will be a good tie between them and Juventus.
"Klopp has brought an immense amount to Dortmund. He is world-class and his training has inspired me. Their counter-attacks with fast players were one of the styles I studied the most last season."