Ancelotti has enjoyed an impressive start to life with Madrid since replacing Jose Mourinho this summer, guiding the Spanish giants to six wins and a draw from seven pre-season matches, including victories over the likes of Chelsea, Paris St Germain and Inter Milan.
However, it is how Madrid perform in La Liga, rhe Copa del Rey and, perhaps most crucially, the Champions League that Ancelotti will be judged and the serious stuff begins this weekend with the visit of Betis to the Bernabeu.
Madrid fans were left disappointed last season as the team fell short in each of the three main competitions, but Isco feels the supporters could be in for a treat this campaign having experienced what Ancelotti is looking to build.
"The team is looking very good to me. Pre-season has been very good, we've improved game by game. We're ready and raring to go," said highly-rated playmaker Isco at a press conference.
"He (Ancelotti) is very approachable and friendly and he's always checking in on you. His philosophy of football is perfect for this Madrid team. We have the perfect coach for us and we'll see a great Real Madrid side this year.
"He has told us we must keep the ball, be bold and be creative. We also have to press high up the pitch so we don't tire ourselves out. His philosophy is ideal for players that like to use the ball well.
"We're going to see an attractive Madrid side and we're going to do great things."
Aside from Ancelotti and Isco, who joined from Malaga for a reported 27million euros, Madrid have also brought in Real Sociedad midfielder Asier Illarramendi this summer at a cost of almost 40million euros and signed Daniel Carvajal and Casemiro.
That might not be the end of Madrid's transfer business either, with a world-record swoop for Tottenham's Gareth Bale still a possibility.
Asked about that, Isco said: "He (Bale) is a great player. If he signs then the coach will have a lovely problem, and he'll be welcomed like all the new players."
Looking to puncture the feeling of optimism around Madrid are a Betis side who last season beat Mourinho's men at home en route to finishing seventh in the standings.
Betis defender Nacho hopes they can produce another upset this weekend, although he concedes they do not know exactly what to expect from Ancelotti's side.
"We are going to the Bernabeu with high hopes. We want to have a good game and if we can't win, leave a good image and ensure that the many Betis fans that go are left with a good taste in the mouth. Why can't we cause a surprise?" he said.
"It's the first league game and we'll see what Madrid are like under Ancelotti. We already knew a little bit about Mourinho's side. With Ancelotti we need to wait a while as we don't have much of a reference, only the pre-season games.
"We need to wait a little to see how the team differs with respect to Mourinho's."