Ronaldo netted his third hat-trick in four La Liga games as he led Real to a resounding 5-0 victory over Athletic Bilbao on Sunday.
The Portuguese star's coach said there was no need to discuss a potential Ballon d'Or winner, such is his certainty Ronaldo will win it for a third time.
"There's little doubt this year about who will win the Ballon d'Or," Ancelotti said.
"I don't think there are any bets because I don't think there's any doubt this year that it will be Cristiano Ronaldo who will win."
Ronaldo scored three and set up one of Karim Benzema's brace in Real's sixth consecutive win in all competitions.
Ancelotti was delighted with his attack, including Gareth Bale after the Welshman's two assists, and said it was his side's best display since August.
"We are satisfied because we played the style of play we always want to show on the pitch," the Italian said.
"Sometimes with this style, not everything goes to plan, but tonight everything went right and it showed in the result. We were excellent in defence and attack. The whole team put in a great performance
"I think the three players up front played fantastically. Cristiano Ronaldo has scored three goals, Karim Benzema two and also Gareth Bale provided assists on many occasions. He has worked a lot for the team without scoring.
"When they perform like today, playing together, it is very powerful for the team. Our midfielders have also played well and helped create many opportunities."
