Ancelotti's men face city rivals Atletico Madrid in the Champions League final at Estadio da Luz in Lisbon a week on Saturday.
Victory for Real would see them win Europe's premier club competition for a record 10th time in their history and end a 12-year wait for the much-coveted Decima.
Italian Ancelotti has already won the Champions League twice with Milan as a player in 1989 and 1990 and twice as a manager in 2003 and 2007, but the 54-year-old believes that having the opportunity to guide Real to an historic triumph takes on an extra significance.
"It's going to be an open final. Both sides will want to show their quality," Ancelotti told UEFA's official website.
"I don't think Atletico will be out to spoil our game, and we won't do that either. We'll try to show off our football, as will Atletico, who are having an amazing season. They've taken everybody aback. Both of us know our qualities, so it'll be a thrilling game.
"I am lucky because we are all extremely motivated. Everyone feels the same; the players, the club, the fans and myself.
"We are very close to doing it, but we know it won't be easy because Champions League finals are always very unpredictable.
"You don't play in the final of the Champions League every day, not every team has a chance to do this. We feel honoured because we have a chance to win the Decima.
"Winning it would be a great achievement for the club; I like the idea of having the chance to make history at this great club by winning the Decima.
"The Champions League has given me a lot personally; this is the seventh final I've taken part in and I've won it four times. The chance to be the Real Madrid manager when the club wins the Decima is a big motivation."
