Ranieri admits it is his "dream to lead Italy" in the future.
"It's true, it is my dream to lead a national team to the World Cup or European Championship. If it's Italy, then all the better," he told Il Tempo newspaper.
"Now I have this project with Roma to carry on as long as I feel it is mine and the club and fans want me.
"You can imagine what it means to me to lead my hometown club. As a child in the stadium I could already feel my heart beating faster at the thought of being on that field. Picture my feelings now that I'm the Coach.
"The city has changed so much in 35 years, though I did come back now and then. When you leave Rome, you realise how unique it is. Even if we Romans can be a bit loud, everyone loves us. I know that by going round the world."