The Real Madrid coach is not surprised that his team is only fifth favourite to win the competition.
Real Madrid open their defence against Celtic in Group F on Tuesday and many other teams are fancied.
The European champion were considered "underdogs" last year.
The Italian said it was a good sign.
We've improved and we don't mind being the favorite.
The veteran Brazil full-back was one of a number of summer departures.
After four wins in a row, Madrid is two points ahead of the rest of the league.
Celtic have won all seven of their domestic games this season and the draw had been kind to his side, but he dismissed the idea.
He said it was not an easy group. Celtic are a strong side and we have to respect them as well as the other teams. Surprises can also be found in the group. Think about last year with the sheriff.
In addition to that shock group-stage defeat at home to the Moldovans, Carlo Ancelotti's experience of Celtic Park as a manager is three visits, no victories.
AC Milan were twice held to goalless draws with Carlo Ancelotti at the helm, including a last-16 tie that went to extra-time before his side won the competition in 2007.
The holders were defeated by Scott McDonald's late winner in a group stage game.
He said that it's difficult for him and his teams in the past. A great atmosphere.
Real Madrid's Luka Modric will celebrate his 37th birthday next week and the club's coach, Carlo Ancelotti, is hoping to get an invite to the party.
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