Real ended a 12-year wait for their 10th success in Europe's elite club competition by beating city rivals Atletico Madrid in last month's UEFA Champions League final.
Ancelotti also led the club to Copa del Rey glory in his first season at the Bernabeu, and the Italian - who has been linked with moves for the likes of Luis Suarez and Paul Pogba - does not feel the need for wholesale changes in personnel ahead of next season.
"The squad is very good, we're very competitive," he told Real's official website.
"If we can improve it, which is not easy, we will, but I'm in no hurry.
"I'm very happy with these players. This squad won two titles and it will continue to be competitive.
"We've spoken and until the end of the World Cup I don't think we'll do anything.
"We have to wait, we have time because the window is open until the end of August."
