The newly-promoted Ligue 1 side has already purchased Joao Moutinho, James Rodriguez and Falcao, but the Italian would not be drawn on who might move to the principality next
Following their promotion from Ligue 2, Monaco have bought Joao Moutinho, James Rodriguez and Radamel Falcao in May for an estimated combined total of €130 million [£11m], and Ranieri believes the club are becoming a force to be reckoned with.
"Our strategy is to follow the coach - our purchases are targeted," he told Radio DeeJay. "The club president wants to bring the team up, the project is ambitious and we are now in the minds of everyone.
"We're constantly looking for good players and great men. I cannot talk about specific future purchases, though."
Ranieri, who has coached Chelsea, Juventus, Roma and Inter among others, is enjoying the lack of pressure in France in comparison to his native Italy.
He added: "When one is in Italy the pressures are many, but here [in French football] the stadiums are always full even if the football is different."