Lampard has been linked with both the Turin giants and Barcelona this summer but the England midfielder insists he wants to stay at Stamford Bridge.
Now Juve have ruled themselves out of the running, with new head coach Ranieri insisting the Italians are looking for a defender to boost their ranks.
Ranieri, who signed Lampard from West Ham for £11million in 2001, declared: "We are full in midfield and won't be signing anyone else there.
"Frank is a fantastic player - I know that better than anyone - but the only player we need before the start of the season is a central defender."
However, Ranieri is a confirmed admirer of the 28-year-old.
He said: "Many people said Frank wasn't worth the money when I signed him but he worked very hard and went on to become one of the best midfielders in the world. That made me very proud.
"We had a great relationship when we were at Chelsea and it was good to catch up with him after England's game against Brazil last month."