The Italian denied a move for Nani was in the offing before playing down the club's Ligue 1 title chances
The 61-year-old led the free-spending side to their first friendly win in preseason, beating Leicester City 3-0 through goals from Layvin Kurzawa, Radamel Falcao and Marcel Tisserand on Saturday.
And Ranieri took the opportunity to rule out a move for Manchester United winger Nani, instead declaring that his squad was complete.
"No, [the Nani links are] just rumors. At this moment we have finished our market," Ranieri told reporters. "Until the end something could happen, but there won't be Nani for now.
Ranieri has splurged 147 million euros on no less than nine signings this summer, but subsequently ruled out a title bid.
"I think at this moment we are ready to achieve from between third to seventh," the Italian reiterated. "We are at the beginning, the basement. Then slowly, we need to work hard. I came last season because I knew the new project. This is another challenge for me.
"I am an ambitious man and so is my chairman. Maybe something could happen. I love to build. We have to improve step by step and arrive at the top of Europe. The plan is this."
The Stade Louis II outfit has been crowned French champion seven times in its history, but was relegated in 2011 after finishing 18th in the league.
However, Ranieri was handed the reins and immediately led the team back to France's top flight last season.