Totti, 39, has been at Roma since 1989 but has only started two Serie A games this season as his playing career winds to an end.
However, with Leicester qualified for the Champions League in 2016-2017, speculation arose that Ranieri could bring in Totti for his experience.
The Italian forward has made over 90 appearances in European club competitions over a 20-year span, but Ranieri insists talk of a move for Totti has no substance.
"Could Totti come to Leicester? It's just speculation," Ranieri said after Leicester defeated Swansea City 4-0 in the Premier League.
"Totti is Roma and Roma are Totti. And Totti is, and will, continue to be very useful to Roma."
Roma coach Luciano Spalletti said on Sunday he wants to keep Totti - who turns 40 in September - at the Serie A outfit next season.
