Ancelotti said that being drawn against Bayern did not make things easy for Real, but is sure that the German side would not be anticipating a comfortable game either.
"Pep Guardiola is one of the best coaches in the world. They have a great team," Ancelotti told BBC Sport. "The semi-finals against Bayern will be very difficult but it's not easy for anyone to play Real Madrid either.
"If we want to win the Champions League, we then have to beat everyone including Bayern. We were poor against Dortmund but it doesn't matter because we made it through to the semi-finals."
In the other semi-final, Chelsea will take on Atletico Madrid.