The Italian manager won the trophy back in 2010, when he was in charge of Chelsea, and would love to repeat the trick at Goodison Park.
A 1-0 loss on home soil to West Ham last time out was a disappointing result for the Merseyside club and one that saw them slip to seventh in the Premier League table.
Although challenging for the top six will remain Everton's priority this season, getting their hands on a major trophy would be deemed a huge success.
Therefore, Ancelotti is likely to select a starting XI with a mix of experience and youth to see his side comfortably bypass the visit of the Championship strugglers.
A back four of Jonjoe Kenny, Yerry Mina, Michael Keane and 20-year-old summer signing Niels Nkounkou could start in front of Olsen as Ancelotti continues to find a way of coping with the absence of Lucas Digne.
The big question is over which trio will line up at the top of the pitch. James Rodriguez is unlikely to start, given his injury record and importance to the side, which could give an opportunity to academy graduate Anthony Gordon.