Leicester, who secured the Premier League title on Monday night, will play their first ever game as top-flight English champions at home to Everton on Saturday afternoon.
Ranieri has confirmed that 57-year-old Bocelli will break off a world tour to fly to Leicester this weekend and will perform ahead of kickoff for the 32,000 supporters in attendance.
"He called me one month ago and was so happy about what is going on at Leicester," Ranieri told reporters.
"He said he would like to come and I said 'why not?' I gave all the information to the club and they make the arrangements. I met him a long time ago and went to his concert at Wembley."
Blind tenor Bocelli released his 15th album Cinema last September and is due to return to the United Kingdom later this year to perform a handful of dates.