The Scotsman has been a mainstay in the Everton backroom staff and has worked with a host of managers at the club, including Ancelotti.
Ferguson, who has been appointed as the interim boss at Everton following the sacking of Rafael Benitez, assisted Ancelotti during his spell on Merseyside.
The 50-year-old revealed that Ancelotti called him and gave him a lot of information as he embarks on a second spell in charge of Everton on a temporary basis.
Ferguson added that he learned a lot from the Italian while they were working together and stressed he is an inspiration to him.
Asked what it was like working with Ancelotti, Ferguson told a press conference: “Carlo was a fantastic manager.
“I learned a lot from the man.
“He was a great manager, he was a great tactician, he was great with the lads, a great man manager so he was a real inspiration to me.
“He had the team flying really did he not at one point?
“And just towards the back end of the season, we just tailed off a little bit.
“So, I learned a lot from Carlo
“I have already spoken to Carlo.
“He called me actually.
“So yes, I have got a lot of information from Carlo, he is a great guy.
“Unbelievable manager, one of the best the world has ever seen.
“So, I have learned a lot from him.”
Ferguson will be looking to put everything he learned from Ancelotti to good use as he leads Everton through a tough spell, which has seen them drop down the Premier League table, reducing the gap to the relegation zone to just six points.