Guti believes the current Real Madrid team has the potential to be the greatest in the club's history.
Asked about their season start, he told AS: "With ups and downs. Not just in terms of play, but also in terms of points. They are four points behind Barcelona, it is not a good start.
"This is a better squad than the Galácticos. They have very good players at a very young age. They will mark an era at Real Madrid.
"There were many players in the Galácticos who were untouchable, who had to always play. In this case, (Carlo) Ancelotti will always do what is best for his team. At certain times he can play with a 4-3-3 because the game requires it and in tough and difficult games, where he needs a little more muscle in the midfield, he will play with a 4-4-2.
"Ancelotti is a very intelligent coach and he will get the best out of this team."
On Rodrygo's situation, Guti added: "For Ancelotti, he is very important. And he has shown it: in these first matches and in the Super Cup, he has played almost all of them as a starter. In the end, a player is judged by his performance on the pitch. What he does on the pitch will determine how many minutes he gets."