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However, he is held in such high esteem at the club there is a clause in the deal allowing him to stay on for a further two years after that in an as-yet-unspecified role.
The Chelsea boss, whose own contract runs out at roughly the same time, declared: "If he wants to join the coaching staff, that would be fantastic for me.
"If it's possible that I can stay here then I would want Gianfranco. Whatever he wants from me, all the doors are open for him."
Ranieri also stressed his belief that Zola still has an important role to play for Chelsea, describing him as the perfect role model.
"Gianfranco is a very intelligent player. He has suffered this season but he knows how important he is for me, for Chelsea and for his team-mates.
"He is a fantastic example for the other players. He is a point of reference and is one of my captains in the dressing-room.
"I don't know how long he can play on for, but if he enjoys the game, that's important because he's a good professional, has always eaten the right things and always prepares meticulously."
Ranieri knows all about Zola, having first coached him at Cagliari and then at Napoli in the season after Diego Maradona left the club.
"The chairman asked whether I wanted a new number 10 and who they could buy to replace him," recalled the Chelsea boss.
"I said that we already Gianfranco, I believe in him and I want him. He played very well all season.
"He's like Maradona, always practising free-kicks over a wall in training - time after time. He has always trained a lot. He is an example to his team-mates and a good ambassador for us Italians."