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For now, the Chelsea manager knows he cannot be without the little Sardinian leading his strike force.
At 36, Zola is playing as well as ever - and his two goals in the 3-0 victory at Manchester City last Saturday made it eight for the season as he became the leading scorer in the Premiership.
"If I remember well he has another two years left in his contract," said Ranieri as he prepared for Chelsea's first home match for almost a month, against West Brom on Saturday.
"If he asks me that he would like to stay I can give him an opportunity because he can be a good teacher with the ball and everything else that is important. Now it is too early. I know he is an old man, but he is not so old!"
Zola's form has been prolific as Chelsea look to regain a place in the Champions League.
Ranieri added: "Eidur (Gudjohnsen) and Jimmy (Floyd Hasselbaink) were a very good partnership last season, but now Gianfranco is top of everybody.
"He plays, and then I choose a companion for him. I am not crazy - I am just a thinking man.
"He is one of the greatest Italian players ever. I watched him when I was a young manager in Sardinia at Cagliari.
"We won the Second Division, and my chairman said that we can buy Gianfranco Zola and do I want him?
"I said I like him but we would have to change our system - so we did not sign him.
"He then went to Naples, and when I was then there the first season after Diego Maradona left their chairman wanted someone to wear that number 10 shirt.
"I said, 'No I don't want another number 10 because I have Gianfranco'."
Ranieri, who believes Zola is playing as well as he ever has, said: "He suffered last season when he did not play. But he is a Sardinian man with a strong character and he wants to show firstly to himself and then to me what he can do.
"I like this in a player because he's a loyal man. He is fantastic, he is fantastic, he is fantastic.
"I have a great deal of respect for him and I will wait for him and when he is ready he will see me. If he says he would like to stay then I will give my plan to the chairman."
Ranieri has no doubts about Zola's potential as a coach.
"He is a good teacher, but it all depends on what he wants," he said.
"When he chooses he will spend a lot of time deciding - but for us he is our best business card.
"Whatever country we go to all the players get off the bus. But then Gianfranco does, and the reception he receives is 'wow'. He is not only a good player; he is a good man too."
Chelsea's inconsistency, meanwhile, continues to baffle Ranieri.
In the last month they have lost three Premiership matches and suffered an unexpected early exit from the UEFA Cup when they were beaten by Norwegians Viking Stavanger - yet they then won at Maine Road last week.
Ranieri said: "The best thing about Chelsea is that we are full of surprises.
"The players always train very well but sometimes they have something more inside.
"I look at them and think 'Fantastic, how is it possible?' But I do not understand why it is not always like this.
"It is like they switch on and off. It is frustrating, and sooner or later I may take a club and hit them!"
Ranieri's side is famously cosmopolitan - yet, while FIFA President Sepp Blatter has been calling for at least six 'nationals' to be included in every club side, the Chelsea boss would like it to be even more.
He said: "It is important for our national teams. I would like more.
"There is a bigger spirit if there are six or seven or eight English players in one team and the same in Italian teams.
"If you ask me why I don't buy more it is because sometimes the English players can be too expensive and other good players cost less, so I choose them."