The veteran Italian oversaw a 3-2 victory in his first match after replacing Slavisa Jokanovic, ending a run of seven consecutive defeats.
Having won one and lost one of his two previous returns to this ground since since leaving the club in 2004, he can be backed at 17/1 (18.00) with 888Sport to pull off a famous victory in this one.
The Blues have only lost one of the last 26 derby matches against their west London neighbours, and are overwhelming 1/7 (1.14) favourites to come out on top for the fourth consecutive encounter.
However, three of the last meetings between this pair at Stamford Bridge have resulted in draws, and there are odds of 7/1 (8.00) available on this one also finishing up all square.
Eden Hazard will face a late fitness test after twisting his ankle in last weekend's defeat to Tottenham, while Ethan Ampadu has returned to full training following his own injury lay-off.
Andre-Frank Zambo Anguissa and Kevin McDonald are both unlikely to be fit, although Joe Bryan ended his seven-week injury absence by returning to the bench against Southampton last time out.
While he made an instant impact in terms of the result, Ranieri still has plenty of work to do to solve his new team's defensive issues.
The Cottagers looked as fragile at the back as ever against Southampton, conceding twice to take their goals against tally to 33 in 13 games this season - at least six more than any other team.
This does not bode well for a game against Maurizio Sarri's free-flowing outfit, which has been outscored by only Manchester City so far this league campaign.
In fact, odds of 10/11 (1.91) look too good to pass up on Fulham's generosity at the back helping to ensure over 3.5 goals are scored for Chelsea's fifth league game in six.