It will be the Italian tactician's first attempt to bring the elusive title to west London this term as the Blues kick-off their group stage challenge against FC Porto at Stamford Bridge on Tuesday.
And following semi-final disappointment on several occasions and the 2008 penalty shoot-out heartbreak in the final against Manchester United, Ancelotti feels the side is ready to take the final step and win the European crown.
Ancelotti, who guided his former club AC Milan to Champions League glory in 2003 and 2007, said: "Chelsea have been in the semi-finals most in the last six years.
"They haven't won it, but they have come very close. Two years ago, they were one penalty away from winning it.
"Now the conditions are right for us to try again."