The Chelsea boss was forced to bide his time before being able to take a look at the tricky playmaker, with Cole having been sidelined since January.
However, he has made a return to first-team duties over recent weeks and has not looked out of place.
He shone for Chelsea in their 5-0 demolition of Blackburn on Saturday and Ancelotti is hoping reports claiming the England man is close to landing a new deal at Stamford Bridge prove to be correct.
"He was a surprise in that last game," said Ancelotti.
"He played very well and it's difficult to return after eight months to play with such good intensity, good ideas and genius.
"He will play tomorrow (in the Carling Cup against Bolton). For us, it's very important because it's another player with quality who we can put in midfield, and that's good for us.
"He has experience and I'd seen him play a lot of times, and I like his style of play.
"I know that he will speak with the club and I hope that he will 'do' a new contract."
CompetitiveCole will be hoping to help Chelsea take another positive step towards a major cup final on Wednesday, with Ancelotti revealing that he will be taking the competition as seriously as possible.
"It's important because we want to be there in that final," said the Italian.
"It's the first title in the season. We will change the team, but we will still put on the pitch a very competitive team."
Chelsea's pursuit of silverware this season has been severely hampered by a transfer ban imposed by Fifa.
The Blues are hoping to get that ruling overturned, but Ancelotti has refused to comment on speculation linking him with a January approach for Atletico Madrid frontman Sergio Aguero should he be given permission to enter the market.
"At this moment we are not talking about any players because we have to wait for the appeal and await the decision of Fifa," he said.
"It is not important at the moment to talk about new players."