The Italian has never been relegated in his long career — and the much-loved veteran is fighting tooth and nail to avoid that losing that proud record in his 31st season working in the dug-outs across the European football.
It would be a nightmare double for Ranieri, the reigning world football manager of the year.
Leicester have slumped to 16th place in the Premier League table after just five wins in 23 matches this season, and defeat at home to Manchester United tomorrow would intensify the pressure being felt by all at the club.
There are whispers of internal tensions in the dressing room, but that is only to be expected. It would be far more surprising if the mood was calm.
Ranieri knows the score, but in truth has little managerial experience of such dogfights.
He arrived at Parma in February 2007 and conjured their escape from the relegation zone to mid-table in Serie A.
Claudio Ranieri doesn't lack in self confidence
Leicester are just one point above the Premier League relegation zone
Back in 1999 he had a few months floundering at Atletico Madrid when the club was in financial administration, but left many months they went down at the end of that season.
Otherwise, he has been at elite clubs like Juventus, Chelsea and Roma chasing glory in at the top of the table and in cup competitions.
What Ranieri never lacks, though, is belief in his ability as a boss.
“I have managed big teams and I have managed little teams — and what I can bring is the same,” said the Italian. “I am a fighter, a positive man and I want to give my positivity to the players to believe.”
Apart from N’Golo Kante, the same players who won the improbable title for Leicester are now struggling.
Ranieri has tried to tinker with tactics and formations, but admits the most crucial ingredient is lodged in hearts and minds.
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“The difference is confidence,” he said. “When you are at the top you are under pressure to win, but you are also confident.
“When you are down you want to win but maybe you are losing your confidence.
“What I say to my players is not to lose your confidence; that we are winners, we are fighters — and fighters can never lose. Now their motivation must be at the very top in every match.
“Yes, of course there is more pressure now than last season. But the pressure is always there as a manager — and it is not my first year as a football manager.”
That last comment comes with a wry smile.
Perhaps the most important Leicester player whose confidence has been dented is England striker Jamie Vardy.
His goals were instrumental in the title charge, but Ranieri is sympathetic to the plight of Vardy as the harder he tries the longer the scoring drought seems to persist.
Perhaps the manager has looked at the records books.
In his first season at the club Vardy scored just five goals in 29 games. Two years later, his first in the Premier League it was five in 36 matches. Two seasons on again it is currently five goals in 20 outings.
“This is the life of a striker,” said the Leicester manager. "There are strikers who one year score every time they play, and then another year go up and down.
“He is the same Jamie, and of course we believe in Jamie. And we know that if he scores a goal we have more probability of winning the match.”
Ranieri desperately needs those goals now. It seems highly unlikely he could be sacked — not after the heroics of last year and the previous record at Leicester of loyalty to managers.
Look at his record of three decades in football and you have to think he will find a solution to Leicester’s current plight.