The Argentine midfielder was linked with a move to Stamford Bridge over the weekend, with reports suggesting that new owner Ramon Abramovich was ready to finance a £14 million deal.
However, Ranieri has claimed that he does not need the former Lazio ace.
Speaking from The Blues' pre-season Italian retreat at Roccaporena, near Perugia - Ranieri said: "We already have a big enough team."
The Italian confirmed that his meeting with Abramovich last week went well and he confirmed his list of targets with the Russian.
"From a technical point of view, the meeting injected some faith," he said.
"Abramovich wants to do a lot for the team, he just asked me 'Who do you want?' and me, well I don't tell you, but I have already chosen."
