The cup competition in Spain has been undervalued in previous seasons, with the bigger clubs in La Liga focusing more on the league and the Champions League.
However, Ancelotti has revealed that he is desperate to pick up the first trophy of the season.
"It's an important competition, on the same level as the FA Cup in England, and more so if we play against Barcelona, the club's historic rival. It's the first trophy we can win," he told reporters at a press conference.
The two sides will meet at the Mestalla in Valencia.