Since the competition's inception in the 1992-93 season, no side has ever won back-to-back crowns, with Milan the last team to do so in its former guise as the European Cup in 1989 and 1990.
After winning a ninth European title in 2002, Real's long wait for La Decima came to an end in May as they defeat city rivals Atletico Madrid 4-1 after extra-time in Lisbon.
And Carlos, who lifted the famous trophy three times in his playing days at the Santiago Bernabeu, believes Ancelotti could be the man to lead the Spanish giants to an 11th triumph.
"Ancelotti is a top-class coach and he will find the balance in the team," the 41-year-old told AS.
"He did it last season and I'm sure this season there will be the Madrid he wants. Whenever you start a season it's normal you have to adjust things, but I'm not worried.
"I have great respect for Ancelotti. Madrid are stronger with him and will be very successful. They've scored 20 goals in four games and that is a success of the players and Ancelotti.
"He could repeat the achievements of last year and win La Undecima."
Real's next test in Europe is a trip to Ludogorets on Wednesday.
