The 58-year-old Italian boss spent two seasons at PSG, helping the French capital club to Ligue 1 honours in 2012-13 before he was replaced by Laurent Blanc.
"It's an exciting group with great teams, Paris foremost," Ancelotti said.
"It's a beautiful story for me personally to meet my former club. We have three different but tough opponents."
While Bayern claimed another Bundesliga title last season, the Bavarians struggled to live up to expectations in Europe.
Celtic finished bottom of their group last term as Anderlecht reached the Europa League quarters.
"The draw is very interesting. Paris is a smash," Bayern goalkeeper Manuel Neuer said. "I have never played against PSG before and I am looking forward to these matches.
"And I meet Celtic for the first time, too."
Mats Hummels added: "It's a nice group. It's our task to reach the next round. Paris are a spectacular team. But that's nice, to go against the best. I am happy that we do not have to travel that far."