Morgan, who played every minute of the Foxes' title-winning Premier League campaign last season, has committed his future to the East Midlands club until the end of the 2018-19 season.
Ranieri told the club's official website: "Wes is a leader and a warrior.
"I'm so happy that he's committed his future to Leicester City Football Club. It's a wonderful time to be part of this team.
"Last season was so special and Wes was fantastic. Now we have another huge season ahead of us and we need him."
Need a VPN? Or seeking to switch? Then support Tribal Football by clicking here to sign up with our official partners NordVPN. Not only will you receive the best VPN experience, but also great discounts by signing up via Tribal Football. Thanks for your support!