Falcao's fellow summer-signing Moutinho, who joined the promoted French club from Porto as part of a 70 million euro (59.6 million pounds) deal with James Rodriguez, has recovered from the hamstring injury that ruled him out for the first three games of the season.
Ranieri told a news conference Moutinho "should play" so the pair are set to renew a partnership that flourished at Porto during the 2010-11 season when they guided the Portuguese club to the domestic title, Cup success and the Europa League.
"With Moutinho, I think Falcao will get more balls because they're used to playing with each other," Ranieri said.
Jeremy Toulalan, who will play alongside Moutinho in the Monaco midfield, said he expected most of their work to be centred around the 26-year-old.
"He's a great player and we'll benefit a lot from his experience," Toulalan said.
"He will be the one who dictates the tempo of our play because we tend to attack too fast."
Monaco have seven points from three Ligue 1 games, two behind Marseille.
(Reporting by Etienne Ballerini; Writing by Gregory Blachier; Editing by Tom Bartlett)
