Sanchez has scored 22 goals for Arsenal this season.
But despite his impressive form, he looks set to leave the club this summer.
The Chile international's contract expires in 2018 and, as of yet, no new deal has been agreed.
Arsenal fans wanted one change against Crystal Palace Mon, April 10, 2017
Click through the gallery for the Arsenal fans' demands ahead of their Crystal Palace clash
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Click to reveal the one change Arsenal fans wanted against Crystal Palace
Arsenal star Alexis Sanchez has been compared to Gianfranco Zola
One club interested in snapping him up is Antonio Conte's Chelsea.
Reports over the weekend said that Stamford Bridge is Sanchez's preferred destination should he leave.
And Ranieri believes Sanchez is just like Blues legend Zola.
Gianfranco Zola is widely regarded as one of Chelsea's best-ever players
"I love Nino Maravilla, in Italian. Sanchez is amazing," he told Sky Sports.
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"As well as Gianfranco Zola, no? A magic box."
Sanchez is currently in action for Arsenal, who trail Crystal Palace 1-0 due to Andros Townsend's strike.