Shaka Hislop believes Jupp Heynckes is the right choice for Bayern in the short term as he returns for his fourth spell.
Ancelotti was sacked following a 3-0 Champions League loss to Paris Saint-Germain and caretaker boss Willy Sagnol took charge of last weekend's 2-2 draw at Hertha Berlin.
He will take training on Monday as preparations begin for his first game in charge at home to Freiburg on Saturday.
The 72-year-old was officially presented by Bayern on Monday after being coaxed out of retirement to take over the reins of the German champions for the fourth time.
"The new coach, Jupp Heynckes, has come in and I really think it is a bad time for Celtic to play Bayern". However, he added: "Without Bayern I would never had this career as a coach - I had to give something back".
"My dog also barked twice, so that meant I should do it!" "The same goes for David Alaba who, after injury, is still not at 100 percent".
Still, he talked about a potential return to club football in October 2016, stating he would enter talks with the governing body over his future in the lead up to the tournament in Russian Federation.
"We live in a very fast-paced and restless world".
The former West Germany striker said: "It is about restoring discipline to our game and to ease the situation, slow things down and be calm. One can only gain strength from serenity".
"However, he won the German championship last season and that is the main target for any Bayern trainer".
Heynckes said he was hoping to instil confidence in the team following their poor start to the season and was looking for players to fill the void left by former leaders Philipp Lahm and Bastian Schweinsteiger.
Chairman Karl-Heinz Rummenigge described Heyneckes as "the ideal coach for Bayern".
Germany general manager Oliver Bierhoff is adamant he would block any Bayern Munich approach for Joachim Low despite conceding the move is a possibility.