After guiding AC Milan to success in 2003 and 2007, Ancelotti is now aiming to please the ambitious Qatari owners of Paris Saint-Germain. In their bid to dominate Ligue 1 in France and mix with the likes of Barcelona, Manchester United and Real Madrid in Europe, PSG have spent more than €200million on new players in the last three transfer windows.
Speaking exclusively to ESPN STAR Sports Ancelotti said:
"Our aim is to win the league in France this year and then to be competitive in the Champions League.
"I am very confident that we can go far in the next few years because the quality of my players is very good. We can be competitive."
Zlatan Ibrahimovic - a league title winner with Milan, Barcelona and Inter - joined PSG in August along with Brazil defender Thiago Silva. Ezequiel Lavezzi and Italian youngster Marco Verratti are among Ancelotti's other big-name signings at the Parc des Princes.
"This is a different experience for me - at AC Milan and Chelsea I took over and had a settled squad to work with right away. Paris Saint-Germain is a new project which means I must start from the beginning.
"The idea of winning the Champions League with a second club is fantastic motivation for me. We need to win our group this season and move step by step."
Ancelotti believes PSG's rivals in France will also get stronger over the next few years.
"Football is improving here and it is good that the European Championship will be in France in 2016. Teams are building new stadiums and in the future I believe the French league will be more competitive - like La Liga and the Premier League."