The 25-year-old striker was forced off in the first half of Los Blancos' 3-2 victory at Atalanta BC in the Champions League last week after sustaining a thigh injury.
Mbappe was unable to recover in time for Real Madrid's 3-3 draw with Rayo Vallecano in La Liga last weekend and he initially emerged as a doubt for the midweek trip to the Middle East.
However, Los Blancos supporters have received a huge boost as the France international has travelled as part of Ancelotti's 24-man squad ahead of Wednesday's final.
Ancelotti has since revealed that Mbappe has taken part in team training and could be in contention to feature against Mexican outfit Pachuca, pending a late fitness check.
Ancelotti: 'If Mbappe feels good, he'll play'
Speaking at a pre-match press conference in Doha on Tuesday, Ancelotti said: "Mbappe's situation is simple. He trained well yesterday, he felt good. He did sprints. It all went well.
"Training today is important. If he feels good, without risks, talking to him and the doctors, he'll play. If there's the slightest risk, obviously, he won't."
The Italian boss added: "The feeling yesterday was very good. We're optimistic in that sense."
Mbappe has experienced a somewhat difficult start to life at Ral Madrid since joining on a free transfer in the summer upon the expiration of his contract at Paris Saint-Germain.
Nevertheless, the striker has still contributed with 12 goals and two assists in 22 appearances for the Spanish giants across all competitions, scoring four goals in his last six outings.
While Mbappe could be fit to return for Real Madrid on Wednesday, Ancelotti is able to call upon Eduardo Camavinga, who recovered from a hamstring injury that kept him sidelined for four games to feature as a second-half substitute against Rayo Vallecano last weekend.
However, Los Blancos will have to cope without Dani Carvajal, David Alaba, Eder Militao (all knee) and Ferland Mendy (muscle) as they all continue to recover from injury.
Real Madrid's 24-man squad vs. Pachuca in full:
Goalkeepers: Thibaut Courtois, Andriy Lunin, Fran Gonzalez
Defenders: Lucas Vazquez, Antonio Rudiger, Jesus Vallejo, Fran Garcia, Youssef Enriquez, Raul Asencio, Lorenzo Aguado
Midfielders: Jude Bellingham, Luka Modric, Eduardo Camavinga, Federico Valverde, Aurelien Tchouameni, Arda Guler, Dani Ceballos
Attackers: Vinicius Junior, Kylian Mbappe, Rodrygo, Endrick, Brahim Diaz, Gonzalo Garcia, Victor Munoz
Written by
Oliver Thomas