The football coach was given Rome's prestigious Capitoline Wolf award on Thursday by mayor Virginia Raggi in recognition of his incredible achievement during the short time he was with the club.
Raggi spoke of his “human qualities” and “charm”, as well as his sporting prowess, as she gave him the award.
"I thank you mayor because I didn't expect anything like this," Ranieri was quoted by Ansa as saying.
"I'm very proud that my city remembered me. I have received many prizes, but there is something special about this."
In a move that shocked the world of British football, the 65-year-old was sacked from the club in February due to the team's poor form this season.
The dismissal came nine months after he was hailed ‘King Claudio' for leading the team of 5000-1 outsiders to clinch the English Premier League title.
And as the people of Leicester went wild in celebrating their new hero, the first thing the humble Ranieri did was hop on a plane to Rome for lunch with his mum.
In the entire history of the Premier League era, the trophy has only been won by five different teams, whose rise to success has been precluded by monstrous injections of cash by billionaire investors.
Ranieri's Leicester City was assembled for €68.8 million, which in football terms is not a lot.
He said after being sacked: “I have been through a lot in my long career, but never anything like this. It was a shock, but in the end these things are part of football.”