The Italian boss has reminisced about the two Champions League finals his Rossoneri side played against the Reds.
The Rossoneri were 3-0 up against the Anfield outfit in the 2005 European final, only to see the Merseyside outfit regroup to draw 3-3 and win on penalties in one of the best comebacks of all time.
Two years later the teams again clashed in the 2007 final, with the Italians having the last laugh and winning 2-1.
Ancelotti, now manager of Real Madrid, has reminisced about his clashes against Liverpool over the years.
“I have an incredible admiration for Steven Gerrard,” he told Gazzetta dello Sport.
“When I was at Milan we tried signing him, but it was not possible.
“Still, our revenge against Liverpool was incredible.
“I was hoping they'd win against Chelsea in the semi-finals. We wanted them because I believe in destiny and you can't lose a final the way we did without being given a second chance.
“But I would change nothing about the 2005 final. I asked the lads to focus. The things I told them were correct.”
Liverpool came up against Ancelotti again this season in the Champions League group stages, with the English side being beaten twice by the Italian’s Madrid outfit, who are reigning European champions.
European success in 2005 was Liverpool’s proudest moment in the recent memory, with the Anfield outfit only winning an FA Cup and League Cup since.
The Reds were agonisingly close to becoming English champions last season, but a late rally by Manchester City denied the Merseyside outfit their first top-flight title since 1990.