Ranieri has said he won't be spending big money on players a few weeks after the conclusion of the highest spending Premier League transfer window in history.
"I don't want to spend £200 million. I just want to bring the right players. Our budget is okay. We spend what we need," the Italian told the Daily Mail.
"It is not important that they [their rivals] spend a lot of money. We spent what we needed to spend. Not in excess.
"We follow the chairman's philosophy. He wants us to grow up slowly, to make a solid basement. I'm sure we have a solid basement and now we are building the first floor up."