Guinea sacked Belgian trainer Paul Put in July following a disappointing Africa Cup of Nations campaign.
The Syli Nationale finished third in a group that contained the likes of Nigeria, Burundi and Madagascar, but advanced to the round of 16 stage as one of the best third-placed teams only to suffer a 3-0 humiliation at the hands of eventual winners Algeria.
Ranieri is one of 17 candidates scheduled to be interviewed over a three-day period next week.
Ranieri has taken charge of a host of clubs in a storied managerial career that includes spells at Juventus, Chelsea, Valencia, Monaco, Fulham, Inter Milan, amongst others.
The 67-year-old Italian was named FIFA Coach of the year in 2016 after leading an unfancied Leicester City side to a fairytale Premier League title despite being odds on favorites for relegation at the start of the season.
Ranieri spent part of last season in charge of Fulham but was sacked before taking over at AS Roma on a short-term deal towards the end of the campaign.
Ranieri’s only other foray into international management ended in disappointment as he was dismissed as Greece national team manager after just four games in 2014.
Other names on the shortlist include former Ivory Coast manager, Francois Zahui, Florent Ibengue, Didier Six and ex-Ghana captain and Asante Kotoko coach Charles Akunnor.
