The Toffees secured a major coup in December when they announced the former Real Madrid and Chelsea manager as the successor to Marco Silva, who was sacked after 18 months in charge.
Ancelotti has hit the ground running in his short spell in charge, winning two of his three games to steer Everton clear of the relegation places.
The 60-year-old comes with a wealth of experience, having won league titles in England, Italy, France and Germany, as well as being a three-time Champions League winner in his managerial career.
Calvert-Lewin has flourished under his new manager as he has found the back of the net three times since Ancelotti took over.
The 22-year-old Englishman now has eight goals in 19 Premier League games for Everton this season.
Ahead of Everton’s FA Cup tie with Liverpool on Sunday, Calvert-Lewin revealed how lucky he is to be playing under one of the most successful European managers of all time.
"He is one of biggest managers in the world and as a young kid growing up you saw him on TV working at some of biggest clubs," the striker told BBC Sport.
"To have him here now, when you first see him you are little taken aback. He has a presence about him. That is just from the man he is and what he has done in football.
"To be working with him on a daily basis is a privilege. He is a man who knows how to win things and knows how to work with great players.
"As a club these are exciting times. To have a manager to have done what he has done in the game, you can't be anything but excited.
"It is an unbelievable time to be an Everton fan and an Everton player. I am looking forward to what the future holds."
