That puts former Newcastle boss Chris Hughton as the bookies favourite to take over the hot seat.
Ranieri held two rounds of talks with Albion earlier this month over the possibility of succeeding new England manager Roy Hodgson at The Hawthorns.
He has most recently been employed in his homeland, with spells at Parma, Juventus and Roma before an ill-fated stint at Inter Milan ended in dismissal in March.
Ranieri will be presented at a press conference at 1700 local time (1600 BST) tomorrow alongside general director Filips Dhondt and sporting director Tor-Kristian Karlsen at the Stade Louis II.