The Italian coach has reunited with the Colombia superstar for the third time in their respective careers, having previously worked with James at Real Madrid and Bayern Munich.
James failed to impress coach Zinedine Zidane at Real Madrid and was subsequently left on the fringes.
The 29-year-old joined Everton during the summer transfer window and has since rediscovered his old form. He has scored three goals and provided three assists in just six Premier League appearances so far.
His bright start to life in England has forced Ancelotti to draw comparisons to when he coached Ronaldo during his tenure as the manager of AC Milan.
“When I signed James this summer, everyone was worried about his physical state and to see how he’d cope with the intensity of the Premier League,” the Italian tactician told France Football.
“During the first four games, do you know how many times he sprinted? Seven! He’s got more assists and goals than he did sprints.
“So what are we talking about? Of what we expect a player to do on the pitch?
“When I was at Milan, we brought in Ronaldo. On his arrival, he weighed 100kg.
“Before the first game, I told him: ‘You know I can’t play you. You need to lose weight’. He replied ‘What do you want me to do on the pitch? Score or run? If it’s to run, put me on the bench, if it’s to score, play me!’.
“I played him. He didn’t run, but he scored two goals. For James, it’s the same thing.”