Real's achieved their quest for a 10th European title in 2013-14 as they upstaged city rivals Atletico Madrid to claim the long-awaited 'La Decima'.
The 4-1 win in Lisbon was Real's first Champions League trophy since 2002 and that triumphant outing in Portugal has the Spanish giants - in the United States for their pre-season tour - hungry for more success.
"The 10th Champions League was very important for us," Ancelotti - heading into his second season at the helm - told reporters.
"I think La Decima was the beginning of an era. We have the desire to continue winning titles, more competitions, and the squad is competitive. We're all raring to go."
While their Champions League win provided motivation for the squad, Real's activity in the transfer market has not only boosted the club but exceeded expectations.
World Cup winner Toni Kroos and Colombian star James Rodriguez have already arrived at the Bernabeu, which has filled the Italian tactician with optimism ahead of next month's UEFA Super Cup clash with Sevilla and their La Liga opener against Cordoba on August 24.
"This year we have the advantage that we have very important work already done," he said.
"There are now more signings and I think we can start better. I'm very optimistic."
Ancelotti added: "The club is doing a good job; we have signed some very important players who will improve the team a lot; we have a very competitive group."
In between their Super Cup fixture and first league match, Real will contest the Supercopa de Espana against Atletico across two legs.
