The 30 year old took to social media on Monday to state that he would not play for Leicester again, claiming that he had been "betrayed" by Ranieri after not being offered a new and improved contract last summer.
When asked whether he expected Ulloa to feature again for the Foxes, Ranieri said: "Why not? He'll play, he's a professional 100 per cent, don't worry.
"He is a good team-mate and they [the squad] are happy. The situation is a normal situation, we didn't want to sell him.
"Of course he is frustrated because he wanted to play and go but he is a fantastic man, a good player but he is also a good professional player. Sooner or later when he is ready he will have the chance to play.
"I know he tried to say everything and wanted to push hard [to go] but it's OK."