The Mali international competed on the drenched pitch at the Africa Cup of Nations and would be available to play in the Champions League if he moved to the King Power Stadium.
Anderlecht's Kara Mbodji is also a £9million target for Leicester.
Ranieri said: "Wait. Be confident. You will be surprised."
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Molla Wague has made 20 appearances for Mali and scored four goalsAlamyMolla Wague has been competing in the Africa Cup of Nations for MaliGetty Images
And Ranieri revealed he will be near his phone during his team's clash with Burnley at Turf Moor on Sunday in case of any developments with new deals.
Ranieri added: "I don’t switch off my phone. My phone is always on.
"If someone from my staff call me I am available. It could be you see me on the bench [gestures to answer his phone]."
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