The 20-year-old has turned in a string of impressive performances for the Liga leaders in his breakout season, scoring five goals in 16 league appearances.
With eight goals to his name in all competitions, Jese needs just two more to match the total of 10 racked up by Raul in his debut season at the Bernabeu.
And, despite Jese having never won a senior cap for Spain, Ancelotti believes he has the potential to give national team boss Vicente del Bosque some food for thought.
"It is no exaggeration to speak of Jese at the World Cup," he is quoted as telling Canal+.
"There are examples of players like him who have had good seasons and then produced a great World Cup."
Reigning champions Spain have been drawn in Group B alongside the Netherlands, Chile and Australia for the tournament in Brazil, which gets under way on June 12.
TALENTSPOTTEREverything you need to know about... Jese
