While the Toffees sit in sixth position in the Premier League standings, Wednesday remain in the Championship relegation zone despite four games without defeat.
On the back of victories over Rotherham United and Wolverhampton Wanderers, Ancelotti would have been disappointed that Everton's Premier League game with Aston Villa was postponed last weekend.
Nevertheless, the 12-day break has provided the Toffees with more time to prepare for their next batch of fixtures, something which could help their bid to finish in the top six and win this competition.
Priority will remain on the Premier League, particularly with the Merseyside outfit in a position to move into third if they prevail in their two games in hand.
Ancelotti will acknowledge, however, that he has a responsibility to select strong sides in the FA Cup, with the club having now gone more than 25 years without picking up any silverware.
Despite being clear favourites to emerge victorious at the weekend, Everton face opponents who have put together a five-match unbeaten streak which has gone under the radar.
Changes in the dugout and the club remaining in the Championship relegation zone means that the Owls' chances of progression will be widely dismissed.
However, as well as conceding just two goals in five matches, caretaker boss Neil Thompson has won each of his three fixtures in temporary charge.
Although Wednesday head into this contest having not played since January 9, extra time spent on the training pitch may only benefit this group of players in the long term.
Everton FA Cup form: W
Everton form (all competitions): WLWLWW
Sheffield Wednesday FA Cup form: W
Sheffield Wednesday form (all competitions): LWDWWW
Dominic Calvert-Lewin could return for Everton after making progress in his recovery from a hamstring injury.
The near two-week break will likely lead to Ancelotti naming a stronger team than initially anticipated, although deputy goalkeeper Robin Olsen should take his place between the sticks.
Like their hosts, Wednesday boss Thompson could select his strongest team after the enforced absence from competitive action.
While new addition Andre Green may be handed a start, Thompson has hinted that he will not take any risks on key players who are only just returning from injury.
Everton possible starting lineup:
Olsen; Coleman, Holgate, Keane, Godfrey; Doucoure, Davies; Richarlison, Rodriguez, Gordon; Calvert-Lewin
Sheffield Wednesday possible starting lineup:
Wildsmith; Odubajo, Lees, Shaw, Palmer; Reach, Pelupessy, Bannan, Harris; Kachunga, Paterson
We say: Everton 2-0 Sheffield Wednesday
Although Ancelotti will make at least a couple of changes for this contest, his squad members will be eager to make an impact. With that in mind, we expect the Toffees to record a relatively routine win over their opponents, who could struggle in the final third.