The Italian and Spanish press had linked the Real Madrid central defender with a six million euros transfer back to the Delle Alpi.

However, Ranieri has been quick to deny those rumours.

"Our defence is okay as it is," said Ranieri. "We will not sign Cannavaro."

The Italy captain joined Madrid last summer in a reported 20 million euros transfer deal shortly after guiding the Azzurri to World Cup glory in Germany.

Despite winning the Primera liga title, the 33-year-old has struggled in his first campaign at the Bernabeu, increasing speculation on a possible return to the Serie A.