The Ligue 2 champions are full of ambition as they aim to emulate the mega-rich west London club, while the Italian coach does not fear that he will lose his job any time soon
The French outfit secured promotion back to Ligue 1 earlier this month after two seasons in France's second tier and they are full of ambition, with club president Dmitry Rybolovlev willing to spend big in order to build a team that can compete in the Champions League.
"Monaco will become the new Chelsea. The president wants to do big things here. We won Ligue 2 and our goal now is to finish third in the top flight to qualify for the Champions League," Ranieri told La Gazzetta dello Sport.
"However, we can not just buy attackers in order to achieve success. We need to build a team from the bottom down.
"My dream is to play in the Champions League in 2014 with Roma in the competition as well. That would be really nice."
The 61-year-old then went on to discuss rumours that Monaco are considering hiring Roberto Mancini as their new coach, while he also had his say on the tax situation in the principality.
"I know that the Monaco coaching job is a popular one now, but I'm not afraid. I have a three-year deal here. I have never been given any presents during my career.
"The tax situation has always been like this in Monaco and nobody ever said anything about it. Now we have a Russian president it's all of a sudden a big deal..."
Monaco are expected to announce the signing of Porto duo James Rodriguez and Joao Moutinho on Friday, while they could seal the signing of Atletico Madrid striker Radamel Falcao on Monday.