The Foxes midfielder was recently linked with a £30million return to former club Manchester United who are reportedly contemplating a January bid for his services.
Howard, Ranieri has made it clear that the reigning Premier League champions have no intentions of allowing another key midfielder to depart the King Power Stadium, unless of course Drinkwater has a burning desire to get back to Old Trafford.
"It's speculation. I'm surprised, because it's usually a month before the window opens that this sort of speculation starts," said the Italian.
"But now, is good. When big teams want our players, it is good for us. One year ago, no-one was asking about our players. Now there are big, big teams asking.
"Now they must be proud, but continue in this way. He [Drinkwater] has signed a new contract, he doesn't have a [release] clause.
"If he wants to go to Man U, OK, but we want to keep him."