Ranieri, the first manager to lead Chelsea to a Champions League semi-final, would love to see his old side lift the European Cup to ensure their place in history.
He told the London Evening Standard: "They have come close many times but it is not easy. You need a bit of luck as well. It is the one thing Chelsea have never had in the past, but this year could be different.
"Abramovich has spent a lot of money to try to win titles and the Champions League. Now the Champions League is the only one they need to win."