Terry has seen his side lose the Champions League final to Manchester United on penalties and also go close to lifting European club football's biggest prize on other occasions.
Now the England captain believes Ancelotti will bring the same drive which saw him lead AC Milan to Champions League success to the Premier League club. Ancelotti is somewhat of a Champions League specialist, having won the trophy as a player with AC Milan on two occasions.
Terry said: "I have been here since I was 14 and [the Champions League] is something I desperately want. We've got a very good group of players this year and we're aiming to go that one step further and hopefully get our hands on the trophy, that's what we all want at the football club.
"We've got players at the right age, with the right experience and the right quality to maybe push on this year or next year and really make it ours, and that's what we're aiming to do.
Terry added on the official UEFA website: "I think Italian managers are well organised tactically. We do a lot on defending and working together as a team. "If you look at the Milan team over the years it has always been very well organised. They all know their job and do it correctly.''
Terry believes Ancelotti has brought that mentality with him to Chelsea. "It is something that he's come in and certainly got us doing - making sure that we fight and work hard for each other.
"If we're organised we're going to be very difficult to break down. With our attacking quality, we are always going be able to score goals as well. In a short space of time he's passing on his knowledge and his experience and getting us doing our tactical work during the week.
"He knows when, closer to a game, you need to relax and when to focus; as a player in the modern era those kinds of thing are really key. He played very close to the modern era and knows exactly what the playerswant, and that's key to this season and our success.''