It marks a third spell in charge of Roma for Ranieri.
In a statement today, Roma announced:
"AS Roma is pleased to announce that Claudio Ranieri is the new Technical Manager of the First Team. At the end of the season he will take on a senior management role: he will be a property consultant for all the club's sporting matters. The search for the new coach will continue in the coming months and Claudio will also have a say in this decision.
"Roman by birth, Romanist always, after having dressed the yellow and red shirt as a footballer in the 1973-74 season and having held the position of coach in two different moments (from 2009 to 2011 and 2019), represents a symbol of the values of the Club and is one of the most popular Roman sports men in the world.
"Ranieri brings his enormous wealth of knowledge and experience gained between Serie A, Premier League, Liga and Ligue 1, leading the best top clubs in Europe and winning historical titles, such as the one obtained at the helm of Leicester in 2016.
"The Club offers the coach best wishes for a good job for this new chapter of his exciting career, certain that it will represent added value for the team and for the whole AS Roma.
"Forza Roma and welcome home Mister!"