Cole has signed for Liverpool after being released by Chelsea while Benayoun, a similar player in terms of position, went the other way in a move worth £5.5 million.
Ancelotti is hoping to make more moves in the transfer market before the transfer window closes on August 31, but having had some time to work with Benayoun on the training pitch he is confident he has improved his squad with the swap of attacking midfielders.
"Joe Cole is quicker than Benayoun but Yossi is better tactically. He understands what I tell him," Ancelotti said in quotes in the Sun. "Yossi is a very intelligent player.
"He knows everything about the game. Cole and Benayoun are different players and everyone has their own opinion, but we are happy to have Yossi here at Chelsea."