"Arsenal in my opinion are a very good team -- now I will concentrate on how we can win against them," Ranieri was quoted as saying by the club website (www.lcfc.com)
"They are fantastic, good quality and move the ball very well and very quickly.
"If you want to find a weakness, it's difficult, but we will try to find it."
The Italian, who has confirmed that he will be without the services of Nathan Dyer due to a knee injury, called on his players to eliminate the mistakes that have forced them to become comeback specialists over the past few weeks.
"We start well in every match and suddenly we make a mistake. When the opponent makes a fantastic goal, you can say well done, but not when we help them to score a goal," he said.
"We must concentrate a little more and be careful because it's not easy to score a goal when you go down."
Midfielder Riyad Mahrez feels Leicester's pace will cause Arsenal problems when the sides meet.
In Jamie Vardy, Jeffrey Schlupp and Marc Albrighton, the Foxes have three players who have clocked the fastest speeds in the league so far this season, as well as the league's joint top scorer in Mahrez.
The 24-year-old, who has scored five goals so far, is eyeing an upset against the Gunners.
"I'm very excited about this game," Mahrez told the club website. "Arsenal are a big team and Arsenal at home at our stadium will be a great game.
"(They will have a lot of the ball but) I think it's good for us because we're a counter-attacking team.
"We have fast players and we have to use this to maybe score one or two goals."
(Reporting by Simon Jennings in Bengaluru; ediitng by Sudipto ganguly)
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