The Spanish attacker has been on the sidelines since March after suffering a torn cruciate knee ligament, which had been expected to keep him out of action for at least 12 months.
However, Ancelotti has confirmed that Jese is making solid progress.
"Jese Rodriguez is doing specific work to recover. He will be ready to play very soon," Ancelotti revealed via social networking site Twitter.
Rodriguez made the breakthrough into the Los Blancos first team last season.