The Italian is desperate to exploit every last drop of goalscoring ability from the Colombian but says his team-mates need to give him more of the ball
The newly-promoted Ligue 1 side are just three points behind the league leaders and have a game in hand, with much of their early success down to the form of €60 million summer signing Falcao, who has scored eight goals already.
And Ranieri is eager to make the most of the former Atletico Madrid striker's abilities in the final third as his side look to continue their unbeaten start to the campaign.
Ranieri said: "The team should offer more support to Falcao and give him the ball more.
"This is necessary to be in a better position for us to be more effective. We know that the last pass can be difficult, but we also know that he can score goals and can turn things around if we use him well.
"This is the task that I am giving to my squad. Falcao is a player who can strengthen our confidence."
Monaco can move level on points with table-toppers PSG with victory at Lille on Sunday.