The 65-year-old Ancelotti, one of the most decorated managers in world football, will become Brazil coach after leaving Real Madrid at the end of the season.
He became the first manager to capture titles in each of Europe's top five leagues and has guided Real to two Champions League and LaLiga doubles in three seasons.
"I'm very happy, and I can't believe there's anyone who isn't happy when the arrival of the best coach in the world is announced," Felipe Melo, a three-time Copa Libertadores winner and World Cup player with Brazil in 2010, told reporters.
Since Tite left the job in late 2022, Ramon Menezes, Fernando Diniz, and Dorival Jr. have been in charge of the team.
"If we changed four coaches in less than three years, something isn't working... In my opinion, Ancelotti was brought in to get results, so we have to help him," said Dunga, a World Cup winner with Brazil in 1994 and former coach of the national team.
Brazil are in fourth place in CONMEBOL as they seek to qualify for the 2026 World Cup having won only six of 14 matches. Six teams will qualify for next year's World Cup.
"He has a broader vision of the different football schools around the world, and I think that's a great asset," said Mauro Silva, a World Cup winner with Brazil in 1994.
"It's a delicate moment for Brazilian football. We have some structural issues, but all in all, I hope Ancelotti succeeds."
Former women's player Formiga, who holds the record for having played in seven World Cups and seven Olympic Games with Brazil, hoped that Ancelotti would have a quick "connection" with the team so they could reach the World Cup without any problems.
"He doesn't have much time, but I hope he and his coaching staff and the players can help each other as much as possible... You have to have the spirit and discipline to change everything that's happening today; we have to believe it's possible".
The former players also addressed the words of Brazilian President Luiz Inacio Lula da Silva, who a few days ago criticised the current Brazil international players, saying that they aren't at the same level as others from the past and are "very far" from the great teams.
When asked by Reuters, Mauro Silva said: "I think what's happening is that everyone in Brazil misses winning titles, right? Now, by 2026, it will be 24 years since we've won a World Cup. Everyone is sad and hoping Brazil wins something."
Brazil won their fifth World Cup title in 2002, but have since experienced countless disappointments, including failing to lift the Cup at home in 2014.
"We miss the spirit we had before, of those who did so much for football, and that we don't have today... So it's fair to mention these players and say that this new generation should reflect their history," he added.