On the eve of their first match against Porto, Ancelotti said the London team would need to advance to the knockout stages next year fully fit, brimming with motivation and with a bit of luck on their side in order to fulfil their ambition.
Chelsea must play their first three games without in-form striker Didier Drogba, banned by UEFA after verbally abusing the referee in the semi-final defeat by Barcelona in April.
"The first objective is to arrive at the final," said Ancelotti, who won the Champions League twice as coach of his former club AC Milan.
"It will not be easy but I think we have the possibility to do this," the Italian told reporters.
"It's not easy to win the Champions League, it's important to be a bit lucky," said Ancelotti. "I don't think there is a psychological problem, Chelsea have arrived very close and will do so again."
"We will miss Didier but better that we miss him now than later on in the knockout stages," he said.
None is likely to start, however, with Salomon Kalou set to take Drogba's place alongside Nicolas Anelka and Branislav Ivanovic lining up at right back.
"It's important when the competition reaches the knockout stages in February and March to be in very good condition," Ancelotti said.
"Porto have a lot of experience in this competition. They have won it and they have often got to the last eight," Ancelotti said.
"I think experience and tradition are very important in the Champions League."
"Chelsea are the strongest team in England," he said. "They have players who are very mature, very experienced so that has to make them the strongest team in this pha
