The Italian steps into the large boots left by Pep Guardiola, who won three straight Bundesliga titles during his time in charge, but he is confident of being able to continue the record German champions' recent success story while adding more trophies to his own roll of honour.
"I'm very happy and proud to be here and I want to thank Bayern for this," Ancelotti said at a press conference at the Allianz Arena, addressing the media in German.
"I feel very good because I'm at one of the best clubs in the world, but I am looking forward to the start of a new season.
"I think my friend Guardiola did excellent work in recent years. We have a fantastic team and I'm delighted, and we will try to be strong in all competitions and to win.
"A new season starts today and I hope for this club and for all Bayern fans that this will be a great season."
Ancelotti then switched into a mix of Italian and English to answer the reporters' questions, starting with how he expects to cope with the pressure.
Bayern have won a league record four Bundesliga titles in a row, but Guardiola may ultimately be remembered for failing to deliver the Champions League crown.
Ancelotti has won that trophy three times as a manager and becoming the first coach ever to lift Europe's elite club competition with three different clubs is what many consider as his task.
"A lot of people ask about the pressure - I am used to it," said the 57-year-old.
"I had the luck in my career of coaching top teams - AC Milan, Paris St Germain, Chelsea, Juventus, Real Madrid - all top teams who want to win, but honestly I don't feel the pressure because I'm used to it and I really love my job.
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