A victory over Liverpool would give the Italian an unprecedented fourth success in the Champions League as a manager after wins with AC Milan in 2003 and 2007 and Real Madrid in 2014, during his first stint in the Spanish capital.
The Italian has also won the competition twice as a player with AC Milan in 1989 and 1990.
A 14th European crown to follow LaLiga success this season would cement his legendary status at Real Madrid.
But once upon a time Ancelotti was a European Cup rival who broke the hearts of the Real faithful.
When a player in 1989, Ancelotti's AC Milan took on Real Madrid at the semi-final stage with Romanian champions Steaua Bucharest awaiting the winners in the final.
After a 1-1 first-leg draw at the Santiago Bernabeu, Milan ruthlessly disposed of Real at the San Siro, running out 5-0 winners.
An AC Milan squad bursting at the seams with talent contained the likes of Franco Baresi, Paolo Maldini, Ruud Gullit and Marco van Basten but it was a then 29-year-old Ancelotti that stole the show with a stunning strike to open the scoring on the night.
Ancelotti received the ball 25-yards from goals and fired in an unstoppable effort past Madrid 'keeper Francisco Buyo.
That set Milan on their way as Gullit, Van Basten, Frank Rijkaard and Roberto Donadoni added goals to emphatically complete the rout.
Milan went on to complete the job in the final, sweeping aside Steaua 4-0 to claim their third European Cup before repeating the feat a year later, beating Benfica 1-0 in the final.
Ancelotti continues his love affair with the competition this weekend as he aims to win the Spanish champions their 14th European Cup.
Real Madrid have made a habit of sensational last-gasp comeback wins this term with Paris Saint-Germain, Chelsea and Manchester City all falling victim to their late heroics.
Liverpool will be aiming to stop them inflicting further dominance over Europe's biggest club competition as the Reds look for revenge from their 3-1 defeat to Real in the 2018 final.
Jurgen Klopp's side got their hands on the trophy a year later beating Tottenham 2-0 in the final, and hunt for their seventh European Cup in Paris on Saturday.