Kante's impressive season has led to him being linked with a switch, with Chelsea and Arsenal among those reportedly interested.
However, Leicester are keen to keep the France international and Ranieri said the 25-year-old had been offered a new deal despite being contracted until mid-2019.
While the Italian would prefer Kante stayed, he knows the midfielder may want a new opportunity.
"I know one thing, we have offered a new deal of a contract to him," Ranieri told the Leicester Mercury.
"He wanted to wait because he wanted to finish Euro 2016. Now I hear there is so much speculation behind him.
"I don't want to lose him. I don't want to, but I could understand if he wants to go.
"At this point, I hope the team bring the maximum. I don't know about the money, I am not a manager, just a coach, so I don't speak about money.
"I say what I feel, I want him here."
Ranieri was unwilling to say whether Chelsea had put in a bid for Kante, but is aware of interest from numerous clubs.
He said: "I don't want to speak about this kind of speculation.
"I speak to him but I can't tell you. I speak often with him. I would like now to be sure who stays with me or not, because now we start the friendly games and I have to manage change and try to do something.
"I would like to understand if he would like to stay with me or no."