The Champions League winners will be looking to bounce back after a 2-0 defeat to Liverpool at Anfield midweek and the boss has hinted at a potential change in position for the French No.9.
After the game, Ancelotti spoke about summer headline arrival Mbappe's dip in form after the France international had a penalty saved by Liverpool's second-choice keeper Caoimhin Kelleher.
"Mbappe's problem is the problem we all have," said the Spanish boss, suggesting there is an issue with the World Cup winning star.
"The idea is to try to bring out our best version, from him, from myself, from other players. The problem is a team that for the moment has been able to have continuity in the season and bring out its best version.
"It's not a problem of one player, it's a problem of each one of us. We don't consider it an individual problem of a player who among other things is new here, is adapting, has eight goals, has participated in the attacking play with assists? We can all do better."
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Speaking on how Los Blancos' new superstar can regain his form, the Italian boss replied: "He hasn't dropped off, he's aware that he has to do better. Many of my players have missed penalties and we have to keep supporting and helping them. We have to think that it's a collective problem and not an individual one."
Addressing his critics, he added: "You can criticise me, but the dynamic of the team is good and we have to understand that we are missing a lot of players, tomorrow Rodrygo will be back. The idea of having patience is the right idea.
"I'm like Mbappe. I'm trying everything to bring out my best. The results say that I haven't been able to bring out my best.
"I'm not happy, but I'm worried just enough. I'm convinced that we're going to fix it. For the rest, on a personal level, I'm very happy."
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Speaking on Mbappe's preferred position, having played on the left in recent games, Ancelotti said: "I don't know. I think Mbappe is more used to playing on the inside or on the left. Vinicius is less used to playing on the inside, but he's realising that playing on the inside he's very dangerous. It will depend on the games."
The loss to Liverpool leaves them in 24th in the Champions League table, at the bottom of the play-off zone.
Mbappe has scored and assisted once in the Champions League this seaosn, with Vini Jr having scored four himself.
In the Spanish top-flight, however, Mbappe has netted seven times and assisted once, most recently scoring in a 3-0 win over Leganes - although three of those goals have been penalties.
Real Madrid travelled to Anfield without some of their key players, including Vinicius Junior and Aurelien Tchouameni, but that is not the only injury concern for the Spanish giants.
David Alaba, Dani Carvajal and Eder Militao have also been absent since the summer with the vital trio all suffering cruciate ligament tears.
Rodrygo was also out of the Liverpool clash with a muscle injury, but it was Eduardo Camavinga who joined the list of injury woes as he came off to be replaced by Dani Ceballos.
Elsewhere, Rodrygo and Vinicius Jnr are dealing with muscle issues, with the latter set to be out for a similar time period to Camavinga.
Ancelotti's side will face Getafe at the Santiago Bernabeu in LaLiga on Sunday, with a win hoping to restore some form to the serial champions.
Real Madrid will hope to win all three of their remaining Champions League ties if they are to secure automatic promotion, or indeed, a spot in the play-offs.
Their remaining fixtures in the competition include a trip to in-form Italian side Atalanta, Salzburg at home and a visit to Ligue 1 side Brest at the end of January.
They also face Mallorca in the semi-finals of the Spanish Super Cup in the new year - a trophy they have lifted 13 times - at the King Abdullah Sports City in Saudi Arabia.