Representatives from Champions League regulars Arsenal, Chelsea, Liverpool, Manchester City and Manchester United reportedly met with US sports executive Charlie Stillitano on Tuesday to discuss proposed plans for a European Super League.
The closed-off tournament would guarantee yearly spots for England's big-five teams, with the likes of Leicester shunned from the competition.
The Foxes hold a three-point lead at the top of the league with 10 games yet to play and Italian coach Ranieri believes his side have the larger teams running scared.
“I understand the bigger teams want to be sure to get money and don’t want to lose one year without Champions League but it is sport," he explained in his pre-match press conference.
“If, for one year, you don’t achieve this and you want to make something different, I think it is not right – you are afraid, you are not so strong.
"I understand they want to do something but if something strange happens it is not to blame the little teams, they have to blame themselves.”
Leicester take on Watford at Vicarage Road on Saturday, looking to return to winning way following their 2-2 draw with West Brom last time out.