The Mirror reports that Ranieri will return with a bid for the Nigeria captain, who he failed to sign in the January transfer window.
CSKA Moscow turned down bids for the 23-year-old on Deadline Day, as they are top of the Russian Premier League and still in the Champions League.
Musa signed a new four-year contract at CSKA Moscow last year.
Stoke and Southampton are also reportedly interested in the highly-rated striker.
