The English champions make their bow in the competition against Club Brugge at the Jan Breydel Stadium on Wednesday after last season's shock Premier League title victory
They also face Copenhagen and Porto in Group G as Ranieri returns to the competition for the first time since 2012 and while the Italian admitted a Champions League victory in Cardiff in June is unlikely he insisted the Foxes must be allowed to dream
Again!
"We wrote a fantastic fairytale last season, nobody was waiting for us (to win the league) and also we didn't believe it could be possible at the start," he said
"There are so many big teams involved in this competition and to win the Champions League we have to write a big fairytale, the second story
Of course I say it's impossible but Leicester showed the impossible was possible
"Why not? I think our fairytale means not only sport but life
If you believe some good things can happen, it can happen
If you don't believe, it cannot
I think also Brugge can win the Champions League, also (Russian club) Rostov
"People can say Leicester can win the group but we have to be calm
The rest have a lot of experience
It's a new season, we want to write something good, and then slowly, slowly."
Leicester trained at the Jan Breydel Stadium on Tuesday but despite his excitement ahead of their campaign Ranieri, who last managed in the competition when Inter Milan lost to Marseille in the last 16 four years ago, did not want to give supporters false hope
He said: "For us now it's important to enjoy the experience, I don't want to make an illusion for our fans
We know very well this season is totally different
Last season everyone gave 120 percent and everything was perfect
Maybe this season we have to pay for something
I am happy to pay now because we broke a lot of things last season."
Captain Wes Morgan was more bullish and insisted, after he lifted the Premier League trophy, he believes anything is possible
He added: "Why not? No-one thought we could win the Premier League
We know it's not going to be easy and we proved last season how good we can be
We need to take that into this competition and we want to see how far we can get."
Brugge are 10th in the Jupiler Pro League league after three defeats from six games while Leicester have lost two of their opening four matches in the Premier League but Ranieri insisted the hosts must be respected.
He said: "Club Brugge are a good team, one of the best in Belgium and are used to playing in Europe
We are the last, Leicester and Rostov are the last
Of course we want to show our best and our desire is to win but we have to stay calm with a lot of respect for everyone."
Danny Simpson will be assessed after a hamstring injury he suffered in Saturday's 4-1 defeat to Liverpool while Jeff Schlupp (muscle strain) and Nampalys Mendy (ankle) are doubts
Source : PA
Source: PA