The striker has been working his way back to a full recovery from a thigh injury over the winter break and he is set to play in Monaco's cup clash this weekend
The Colombia international made his comeback from a thigh injury as a substitute in the principality club's final Ligue 1 game before the mid-season break, a 2-1 home defeat to Valenciennes on December 20.
And Ranieri revealed on Saturday that the 27-year-old striker, who moved to Monaco from Atletico Madrid for a fee of an estimated €60 million in July, is ready to face their third-tier opponents.
"Falcao is going to be in the line-up," the Italian told reporters. "He's 100 per cent ready, but I am not sure that he will play the entire game. But for sure, he will start it.
"It's very good news because he's a key player for us."
Ranieri went on to insist he will not make wholesale changes at the Stade de la Rabine and the former Chelsea boss expects Vannes to provide his side with a tough test.
"For us it would be important to go through," he added. "It will be good for us before the restart of Ligue 1. We have to have a good game, to play with intensity. We have to play a great game.