Ranieri is so happy with the form of Gianfranco Zola, Eidur Gudjohnsen and Jimmy Floyd Hasselbaink that he has allowed highly-rated teenage forward Carlton Cole to go to Wolves on a month's loan.
However, the Italian must still decide whether to reward Hasselbaink for his late equaliser at Bolton last weekend with his first starting role for three weeks.
The Dutchman was introduced as a half-time substitute at the Reebok Stadium to join Zola and Gudjohnsen on the pitch but has otherwise recently had to play second fiddle to his two team-mates.
At least it is a dilemma which Ranieri will relish as he looks for his team to continue their fine home form, with four consecutive wins at Stamford Bridge since their surprise defeat by West Ham last month.
Cole, who turned 19 earlier this month and has scored three goals in his four first-team appearances so far this season despite injury problems, had provided another option up front.
And while he has been tipped by chairman Ken Bates as a future England international, the club feel that his best short-term interests would be served by a spell of regular first-team football in the First Division.
Chelsea chief executive Trevor Birch told the club's website, www.chelseafc.com: "As everyone knows, Carlton has done excellently this season when he has been given a chance in the first team.
"But with Eidur Gudjohnsen and Jimmy Floyd Hasselbaink now back to full fitness and Gianfranco Zola in such good form, he was only likely receive a limited opportunity to play in the short term.
"This loan is ideal as he will have the chance to play regularly in a good side at a good level, build his confidence further and hopefully score some goals."
Chelsea also hope to have another forward, Mikael Forssell, available again around the New Year as he nears a comeback from a long-term injury.
"It's feeling very good at the moment but you always have to be ready for any setbacks," Forssell told Chelsea TV.
"I should hopefully be back in full training at around Christmas time and so I'm in my pre-season training now with lots of hard running."
Winger Boudewijn Zenden, who has been suffering from an ankle injury since the start of last month, should be back sooner but is still expected to be ruled out of tomorrow's game.
Chelsea have, meanwhile, officially appealed against Celestine Babayaro's red card against Bolton last weekend, arguing that he did not elbow Youri Djorkaeff.
A Football Association statement revealed: "Video evidence is now being looked at by the video advisory panel and we await their recommendation."