Rodriguez, who starred at the World Cup with Colombia, joined Madrid from Monaco this summer in a deal reportedly worth £63 million, per The Guardian.
The 23-year-old was unveiled before Madrid fans at the Bernabeu and will make his first appearance for the club at Cardiff's Millennium Stadium on Tuesday night.
That news was confirmed by Ancelotti in a press conference on Monday.
Rodriguez is in Cardiff with fellow Madrid stars Gareth Bale and Cristiano Ronaldo, preparing to go up against Sevilla for the chance to win his first trophy at the club.
The UEFA Super Cup pits Champions League winners Madrid and Europa League winners Sevilla, and it is a traditional curtain-raiser to the European football season.
You can follow full coverage of the UEFA Super Cup at Bleacher Report, with kick-off set for 7:45 p.m. BST (2:45 p.m. ET).