The 28-year-old striker, who signed for the Foxes in a £28million move from Sporting Lisbon, was involved in Algeria's 6-0 African Cup of Nations qualifier win over Lesotho on Sunday.
Ranieri said that the player could play against Liverpool on Saturday, but he will make a final decision only after seeing him in training.
He said: "Slimani hopes to arrive this evening but it could be tomorrow morning.
"I haven't met him yet but I will speak with him. He is available for Saturday and could play.
"First I want to speak with him and to see him in training, then they will see."