And, speaking after Everton's 2-1 victory over Crystal Palace which maintained their 100% start to the Premier League campaign, he said Coleman would not look out of place alongside some of his great captains.
"Seamus is doing really well," Ancelotti told reporters. "He is an example for all the others of how you need to be. The attitude, the spirit -- every day.
"I've had a lot of captains in my career but how Seamus expresses his love for the shirt is really top. He is a great captain, honestly.
"I don't want to forget anyone [I have worked with] but he is up there as a captain with [Paolo] Maldini, John Terry and Sergio Ramos."
Ancelotti has been in management since 1995 and has won trophies in Italy, England, France, Spain and Germany -- and is the only manager to win the Champions League three times in the present era.
Despite being dismissed from his last two roles at Bayern and Napoli, Ancelotti has enjoyed a fine start to the 2020-21 campaign with three wins from three, which has seen Everton climb to the top of the Premier League.